Retail

Best Buy Appoints New Chief Executive

As part of Best Buy’s succession plan, Corie Barry will become the company’s chief executive, effective in mid-June.

Barry takes over for Hubert Joly, who is credited for reviving the electronics retailer, CBS News reported.

In the firm’s announcement of her appointment, Barry said, “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 family to continue the momentum we have been able to achieve.” Barry continued, “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.”

As of now, Barry is the chief financial and strategic transformation officer for Best Buy.

Barry is set to become the retailer’s first female CEO and the fifth chief executive in the company’s history, which spans 53 years. In addition, Barry has served in different executive jobs since joining in 1999. In 2016, she stepped into the role of chief financial officer. And she has served as the chief strategic growth officer in the past.

The news comes after it was reported that Best Buy planned to purchase GreatCall, Inc. for $800 million to continue to tap into the connected-home market.

The retailer had expected as of last August that the deal would close by the end of the third quarter. GreatCall makes smartphones and emergency-response systems that are targeted toward seniors. The company was founded by Arlene Harris in 2016.

At the time, it was reported that the transaction would be the first purchase for Joly and sought to tap into the growing market for senior services. (Jolly referred to it as the “white space waiting to be captured” per a past report.) The company would become part of the company’s unit for Assured Living that offers devices like smart bells and bed sensors, it was reported at the time.

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