Best Buy CFO to replace Hubert Joly as CEO

Marco Green
April 16, 2019

Hubert Joly is handing leadership of the reinvigorated electronics retailer to longtime executive Corie Barry as part of the company's succession plan.

Incoming CEO Barry, who joined Best Buy in 1999 and became CFO in 2016, has also played a big part in the company's turnaround, holding several operational roles, including heading the integration of health services provider GreatCall Inc, which Best Buy bought previous year for $800 million.

Hubert Joly will transition to Executive Chairman of the company's board. Barry will become among the 5% of female CEOs for a Fortune 500.

Joly was brought in from travel company Carlson Wagonlit in 2012 to turn around Best Buy that had been dogged by falling same-store sales and a takeover battle with founder Richard Schulze.

Best Buy's total same store sales have risen for the last five years.

But much credit goes to Joly who, despite lacking a retail background, was instrumental in beefing up the company's website, delivery options and tech support services making it a formidable force in a world increasingly dominated by Amazon.com.

The company's shares fell a little over 1 percent in premarket trading.

Barry has been with the company since 1999 and held a variety of positions before taking over as CFO in 2016. "I look forward to working with her closely in my new role as we seek to continue Best Buy's growth trajectory, deliver on the full potential of our strategy and create additional long-term value for our shareholders, employees and customers".

Other reports by Click Lancashire

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