Best Buy CEO Hubert Joly Steps Down

Leadership changes coming for Minnesota retailer Best Buy

Leadership changes coming for Minnesota retailer Best Buy

Barry, who now works as the Chief Financial and Strategic Transformation Officer will replace current CEO Hubert Joly, who will move into the newly-created role of Executive Chairman of the Board. Barry will become among the 5% of female CEOs for a Fortune 500.

Under Joly's leadership the retailer pivoted to online commerce - digital sales now account for about 22 percent of Best Buy's business. But under Joly, who took over as CEO in 2012, the company is being reinvented, focusing on driving online revenue as well as improving the in-store experience as many traditional retailers face dwindling foot traffic and sales.

It also expanded services while adding same-day delivery service in certain areas.

She has also held several operational roles in her tenure, including heading the integration of health services provider GreatCall Inc, which Best Buy bought previous year for $800 million.

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

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"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", Barry said in a statement.

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 a year ago for $800 million. COO, Mike Mohan, will be promoted to President and Chief Operating Officer.

Barry, Best Buy's first female CEO, will also join Best Buy's board of directors. "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".

In afternoon trading, shares of Best Buy Co. dipped 12 cents to $73.44.

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