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The new CEO of Best Buy, Corie Barry, officially took the reins of the electronics retailer on Tuesday.
The company has achieved an impressive turnaround under the mandate of its predecessor, Hubert Joly. Over the last decade, Best Buy has gone from a struggling big box store struggling with an economic downturn and online retail competition to become a powerful retailer both online and offline.
"The timing of the CEO's transition is probably more of an art than a science," Joly told investors at a conference call on May 23, after the company released its results of the year. first trimester.
He added that the timing was right to trigger a change of leadership as the company realized what it wanted to achieve when it joined Best Buy in 2012.
"We have essentially met our non – GAAP revenue and operating profit targets for the 2021 fiscal year with two years ahead of schedule. we still have a lot to do in terms of processing, it is clear that we are on the right track, "he said. I said.
Joly will badume the newly created role of Executive Chairman and will continue to advise Barry and other executives in various areas, including strategy, mergers and acquisitions and other areas, at Barry's request.
The general consensus is that Barry has big shoes to fill and that threats from formidable competitors such as Amazon remain. But Best Buy has demonstrated its ability to compete online and even badociate with disruptive rivals. For example, the retailer is the exclusive seller of a range of Amazon brand Fire TVs, which it sells both in its stores and via Amazon online.
Investors say that Barry is very popular on Wall Street and has the necessary experience. She was previously the Chief Financial Officer of Best Buy and played a key role in overseeing strategy and operations.
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