Best Buy named Corie Barry, the company’s chief financial and strategic transformation officer, to the position of chief executive officer, effective June 11, 2019. Barry will also join the board of directors, which will expand to 13.
Hubert Joly, Best Buy’s current chairman and CEO, will become the executive chairman. Joly joined Best Buy in 2012 and is credited for helping turn the retailer around.
As executive chairman, Joly will lead the board of directors while advising and supporting Barry on strategy, capability building, mergers and acquisitions, and external relationships. Joly and Barry have worked together for seven years and closely for the last three.
“Corie has played a critical role in developing and executing the proven growth strategy in place today, and I am confident she has the vision, skills, experience, and leadership capabilities necessary to be our CEO,” Joly said.
The changes are part of the company’s ongoing succession planning process and designed to provide leadership continuity as the company continues to execute growth initiatives.
In the 2019 fiscal year, the company said it had already achieved the financial targets it set for fiscal 2021.
“Today’s technology and consumer landscape creates tremendous opportunities for Best Buy to further expand and deepen relationships with [its] customers and employees, while continuing to deliver shareholder value,” Barry said.
Barry joined the retailer in 1999 and became CFO in 2016. Prior to that she served as the company’s chief strategic growth officer.
Before Best Buy, Barry worked at Deloitte & Touche. Additionally, she serves on the board of directors of Domino’s Pizza.