Best Buy CFO to replace Hubert Joly as CEO

Corie Barry will become the first woman to lead company in its 53-year history

Corie Barry has played a big part in the company’s turnaround, having joined in 1999, holding several financial and operational roles till she became chief financial officer in 2016. Photograph: iStock

Corie Barry has played a big part in the company’s turnaround, having joined in 1999, holding several financial and operational roles till she became chief financial officer in 2016. Photograph: iStock

 

Best Buy on Monday named chief financial officer Corie Barry as the company’s next chief executive, the first woman to lead the consumer electronics retailer in its 53-year history.

She will become Best Buy’s fifth chief executive after taking over from Hubert Joly, who steps aside in June to become the executive chairman.

Mr 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.

Joly’s efforts have largely been successful with company’s shares having risen four-fold in value during his tenure.

Tackling competition

He has also been responsible for tackling competition from Amazon. com and other online retailers by bolstering the company’s own website, delivery options and tech support services.

Best Buy’s total same store sales have risen for at least the last three straight years.

The company’s shares fell a little over 1 per cent in premarket trading.

Incoming chief executive Corie Barry has also played a big part in the company’s turnaround, having joined in 1999, holding several financial and operational roles till she became chief financial officer in 2016.

Integration

Ms Barry is also in charge of the integration of health services provider GreatCall, which Best Buy bought last year for $800 million.

“She is a strategic thinker who helped develop the turnaround strategy with current chief executive Hubert Joly and has been at his side laying the plan for the future,” Telsey Advisory Group’s analyst Joseph Feldman said.

“If ever there was a chief financial officer suited to be chief executive, it is Ms Barry.” – Reuters