(Reuters) – Best Buy Co Inc on Monday named Chief Financial Officer Corie Barry as the company’s next chief executive officer, the first woman to lead the consumer electronics retailer in its 53-year history.
FILE PHOTO: Hubert Joly, the CEO of Best Buy, poses for a photograph before an interview with Reuters in New York, U.S. March 9, 2018. REUTERS/Stephanie Keith
She will become Best Buy’s fifth CEO after taking over from Hubert Joly, who steps aside in June to become the executive chairman.
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.
He has also been responsible for tackling competition from Amazon.com Inc 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 percent in premarket trading.
Incoming CEO 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 CFO in 2016.
Barry is also in charge of the integration of health services provider GreatCall Inc, which Best Buy bought last year for $800 million.
“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,” Telsey Advisory Group’s analyst Joseph Feldman said.
“If ever there was a CFO suited to be CEO, it is Ms. Barry.”
Reporting by Uday Sampath and Nivedita Balu in Bengaluru; Editing by Shailesh Kuber