Hubert Joly to become Executive Chairman of the
Board of Directors
Corie Barry, current CFO and Chief Strategic
Transformation Officer, to become new CEO
Mike Mohan to become President and COO
Best Buy Co., Inc. (NYSE: BBY) today announced that its board of
directors has elected Corie Barry, currently the company’s Chief
Financial and Strategic Transformation Officer, to become Chief
Executive Officer, effective following the company’s annual meeting
of shareholders on June 11, 2019. At that time, Hubert Joly, Best
Buy’s current Chairman and Chief Executive Officer, will transition
to the newly created role of Executive Chairman of the Board. These
changes reflect the Board’s ongoing succession planning process and
are designed to provide leadership continuity as the company
continues to execute its strategic growth initiatives. Ms. Barry
will also join the board of directors, which will expand to 13
directors.
Since joining Best Buy in 2012, Mr. Joly has led the company
through its successful, customer-focused Renew Blue transformation,
which delivered improved customer satisfaction, market share gains,
comparable sales growth and improved margins, while achieving $1.4
billion in cost reductions and efficiencies to fund investments in
Best Buy’s organic growth. In 2017, Mr. Joly introduced Best Buy
2020: Building the New Blue, the company’s growth strategy focused
on enriching lives through technology, which has driven Best Buy to
even stronger performance. In fiscal year 2019, Best Buy
essentially delivered on its fiscal 2021 revenue and non-GAAP
operating income targets two years ahead of schedule and returned
$2 billion to shareholders through dividends and share repurchases.
As Executive Chairman, Mr. Joly will continue to lead the board of
directors while advising and supporting the CEO on key matters,
such as strategy, capability building, M&A and external
relationships. In addition, he is expected to assume certain
responsibilities at the request of the CEO, in areas like
government affairs, community relations and leadership development.
This will allow the company to continue to benefit from Mr. Joly’s
skills and experience.
“I am so proud of the strategic, financial and cultural
transformation we have achieved, and with Best Buy well positioned
for continued growth well into the future, now is the right time to
begin a leadership transition,” Mr. Joly said. “We have a
tremendously talented, deep and dedicated leadership team at Best
Buy, driven by our strategy and purpose to enrich lives with
technology, build lasting relationships with customers and make
positive impacts on society. 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. 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.”
Ms. Barry said: “I am deeply honored to have been selected as
Best Buy’s next CEO and look forward to working closely with
Hubert, our Board, and the exceptional Best Buy family to continue
the momentum we have been able to achieve. Today’s technology and
consumer landscape creates tremendous opportunities for Best Buy to
further expand and deepen relationships with our customers and
employees, while continuing to deliver shareholder value.”
Ms. Barry’s current responsibilities include strategic
transformation and growth, digital and technology, global finance,
investor relations, enterprise risk and compliance, integration
management, and Best Buy Health, which includes GreatCall.
She joined Best Buy in 1999 and has held a variety of financial
and operational roles within the organization, both in the field
and at the corporate campus. She became CFO in 2016 and, prior to
that, served as the company’s Chief Strategic Growth Officer. Ms.
Barry has also served as senior vice president of domestic finance
and as the interim leader of Best Buy’s services organization.
Prior to Best Buy, Ms. Barry worked at Deloitte & Touche.
She holds bachelor’s degrees in accounting and management from the
College of Saint Benedict, where she also serves on the board of
trustees. Additionally, she serves on the board of directors for
Domino’s Pizza.
As part of the transition, the company announced an additional
change to its leadership team, also effective on June 11. Mike
Mohan, current U.S. Chief Operating Officer, will be promoted to
President and Chief Operating Officer. The company will conduct an
internal and external search for a new Chief Financial Officer.
As U.S. Chief Operating Officer, Mr. Mohan’s responsibilities
include oversight of all customer channels for Best Buy’s domestic
business including retail, e-commerce and customer experience,
services, home, and Best Buy Business. In addition, he leads
category management, merchandising, marketing, supply chain, and
real estate for Best Buy’s core U.S. business.
He joined Best Buy in February 2004 as vice president of
the digital imaging business group and has assumed additional
responsibilities throughout his career across nearly all of Best
Buy’s product and business categories. He has overseen the launch
of thousands of store-within-a-store locations in partnership with
leading technology vendors, the expansion of Best Buy’s own
Magnolia and Pacific Kitchen & Home brands, the evolution of
the company’s private-label brands, and the rise of emerging
categories, such as 4K UHD TVs, health and fitness devices, and
connected home products.
Before joining Best Buy, Mr. Mohan was vice president
and general merchandise manager for Good Guys, an audio-video
specialty retailer that operated 79 stores in the western United
States. He serves as a trustee for the Boys & Girls Clubs of
America and serves on the board of directors for Bloomin’ Brands,
Inc.
Russell P. Fradin, Best Buy’s Lead Independent Director, said:
“Hubert has done a tremendous job leading Best Buy’s turnaround,
assembling a deep team of talented leaders and instilling a clear
strategy for future growth and lasting success. As a Board, it is
important to build on this strong foundation by implementing a
thoughtful succession planning process. We are confident that Corie
and Mike are perfectly suited to continue working with Hubert and
the rest of the management team to build on our success and drive
Best Buy into the next phase of its transformation.”
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190415005370/en/
Investor Contact:Mollie O'Brien(612) 291-7735
or mollie.obrien@bestbuy.com
Media Contact:Jeff Shelman(612) 291-6114
or jeffrey.shelman@bestbuy.com
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