Best Buy has promoted Corie Barry to CEO and Mike Mohan to President and COO, with both changes taking place June 11. Barry is currently CFO and Strategic Transformation Officer, while Mohan is the retailer’s U.S. COO. Current Best Buy CEO Hubert Joly will transition to the role of Executive Chairman of the Board, and the company will begin a search for a new CFO.
Barry led Best Buy through the Renew Blue transformation, which has achieved $1.4 billion in cost reductions and funded investment in organic growth. She has been with Best Buy since 1999, in roles including Chief Strategic Growth Officer, SVP of Domestic Finance and interim leader of the Best Buy Services organization.
Mohan joined the company in 2004 as VP of the Digital Imaging Business Group, and oversaw the launch of thousands of store-within-a-store locations through partnerships with technology vendors. He has also served as VP and General Merchandise Manager for Good Guys, an audio-visual specialty retailer.
While Joly will no longer serve in the role of CEO, he will advise Barry on matters including strategy, capability building, mergers and acquisitions and external relationships. He also will assume certain responsibilities at the request of the CEO in areas including government affairs, community relations and leadership development.
The executive changes follow a strong year for Best Buy, which reported comparable sales growth of 4.8% in fiscal 2019, which ended Feb. 2. The retailer expects comparable sales to rise 0.5% to 2.5% during fiscal 2020, with revenue of $42.9 billion to $43.9 billion.