The Minnesota-based consumer electronics retailer Best Buy has announced that it had named its current Chief Financial Officer Corie Barry as its new chief executive officer. Barry will be replacing the outgoing CEO Hubert Joly, who had been instrumental in the company’s continued success despite the recent market siege from new competitors such as Amazon.
The newly appointed CEO, who will officially be taking the helm on June 11, is a 20-year veteran of the company. She had also been part of Joly’s executive team, which has been credited in pulling off one of the most dramatic reinventions in the retail market.
Since she joined the company in 1999, Barry has held a number of key roles within the company, including being its chief strategic growth officer and chief strategic transformation officer. When Barry takes the helm in June, she will become the 30 th female CEO in the list of woman CEOs in the Fortune 500.
Prior to Joly taking charge of the company, Best Buy was in a downward spiral and was in the process of becoming obsolete with the introduction of a new breed of competitors. Amazon, which was still relatively new back then, had taken a large chunk of the market share away from Best Buy.
Fierce rivals such as Circuit City eventually went bankrupt as they were not able to adapt to the changing consumer demands. Apart from the new competition, Best Buy was also in the middle of the takeover battle with its founder, Richard Schulze.
With Joly’s experience as the former CEO of the privately-held company Carlson, Best Buy was transformed into a formidable opponent in the sector. Joly brokered a number of deals with other brands, while also introducing a number of value-added services to entice customers. Under Joly, Best Buy notably partnered with Amazon to introduce the shop-in-shops concept to the public. Best Buy also started to offer customers specialist home advisors for technical installations.
Apart from the new services and partnerships, Best Buy also invested heavily in its online presence. Its e-commerce front has been quite successful and has allowed the company to grow amidst the growing competition from firms such as Target and Walmart.
Under Joly’s leadership and with the help of his executive team, which included Barry, Best Buy’s shares had quadrupled in value. The company’s market capitalization eventually reached US$20 billion, with sales and revenue still continually growing. After Barry takes over as CEO, Joly will stay on as Best Buy’s executive chairman to advice Barry on different matters such as acquisitions and new business strategies.
Source:: Daily times