Best Buy Promotes New CEO and President

Best Buy Promotes New CEO and President

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.

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.

The company said that the moves were made for succession planning and continuity as Best Buy follows through on its digital transformation and omnichannel efforts.

After stepping down joly will become chairman of the board. But beneath Joly, who took over in 2012 as CEO, the company is being reinvented, focusing on improving the in-store experience in addition to forcing earnings that is online as many retailers face dwindling foot traffic and earnings.

In Joly's near 7-year tenure as CEO, Best Buy's same store sales have risen for the past five years, while its shares have grown four-fold.

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It means expanding providers. Its free adviser service where salespeople visit customers at home to make recommendations on TVs and other electronics has been doing well. Last year, it started a service that costs $199.99 annually that offers unlimited Geek Squad technical support.

In its most recent quarterly results, the company posted a 3% gain in comparable sales, with fourth quarter revenues topping $14.8 billion, while net earnings jumped to $735 million, from $364 million the year before.

The company is also pushing more into the health field, acquiring a company previous year called GreatCall that provides emergency response devices for the aging. "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".

She has been with the company in executive jobs. Barry will also join the board of directors, which will expand to 13.

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