NEW YORK (AP) – The executive credited with reviving a struggling Best Buy is stepping aside.
Hubert Joly, 59, is handing leadership of the reinvigorated electronics retailer to longtime executive Corie Barry, 43, as part of the company’s succession plan effective June 11. Barry, who is currently the company’s chief financial and strategic transformation officer, will become the fifth CEO in Best Buy’s 53-year history and the company’s first female CEO.
FILE – In this Nov. 26, 2015, file photo, Best Buy CEO Hubert Joly listens as a store manager speaks to employees before the store opens on Thanksgiving, in Minnetonka, Minn. The CEO credited with reviving a struggling Best Buy is stepping aside. Hubert Joly, 59, is handing leadership of the reinvigorated electronics retailer to longtime executive Corie Barry, 43, as part of the company’s succession plan effective June 11.(AP Photo/Bruce Kluckhohn, File)Joly will become executive chairman of the board after stepping down.
It was only a few years ago when skeptics were ready to write the obituary of Best Buy. 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. Online sales now account for about 22% of Best Buy’s business.
Best Buy is also working to build deeper relationships and increase total revenue from customers who are shopping both online and in stores. That means reducing the time a customer has to spend at the pickup counter.