Corrie Barry, who is currently the Chief Financial and Strategic Transformation Officer of Best Buy will become the company’s Chief Executive Officer on June 11, 2019, it was announced today. Corrie will be the first woman to serve in this capacity in the history of Best Buy.
Barry will not only be CEO of Best Buy but she will also join the board of directors which will now expand from 8 to 13 members. The company says that the changes provide leadership continuity and are part of the board’s ongoing success planning process.
Following the news today, Best Buy shares were down a little more than 1 percent in premarket trading.
The company’s current CEO and board chairman, Hubert Joly, will fill the newly created position of Executive Chairman of the Board In June. Joly, who is only 59, says that it has been the greatest honor and delight of his professional career to lead the Minnesota based company.
Joly joined Best Buy in 2012. Over the last two years, since around 2017, he has helped the consumer electronics retailer achieve a turnaround with the incorporation of e-commerce into their business while most retailers were still just figuring out how to do it. He guided the company to focus on its in-home advising service technology in health care and grew partnerships with tech giants such as Amazon.
Over the last two years, Joly also assisted Best Buy to reach same-store growth in sales and has helped the company to already achieve the financial targets it set for fiscal 2021.
Joly will continue to advise Barry on certain key matters such as mergers and acquisitions, relationships with other companies and areas in government affairs and community relations.
Barry, who joined Best Buy in 1999 has held a variety of financial and operational roles both in the field and at the company’s corporate campus in Richfield, Minnesota. She has served as the company’s Chief Financial Officer since June of 2016 and then became its Senior Executive Vice President and Chief Transformation & Finance Officer of Best Buy Co., Inc. in2018.That same year she became a Director for Domino’s Pizza as well.
According to Best Buy, Barry who will be the company’s first female CEO, will also become the seventh female CEO among Fortune 100 companies and the third female CEO of a Minnesota Fortune 500 company, after Land O’Lakes Beth Ford and Thrivent’s Terry Rasmussen.