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Best Buy Promotes CFO Corie Barry To Succeed Hubert Joly As CEO

Best Buy Co., Inc. (BBY) announced Monday that its board of directors has elected Corie Barry, currently the company's Chief Financial and Strategic Transformation Officer, to become the new Chief Executive Officer, effective following the company's annual meeting of shareholders on June 11, 2019. Barry will also join the board of directors, which will expand to 13 directors.

At that time, Hubert Joly, Best Buy's current Chairman and CEO, will transition to the newly created role of Executive Chairman of the Board. These changes reflect the Board's ongoing succession planning process.

Since joining Best Buy in 2012, Joly has led the company through its successful, customer-focused Renew Blue transformation.

As Executive Chairman, Joly will continue to lead the board of directors while advising and supporting the CEO on key matters, such as strategy, capability building, M&A and external relationships. He is also expected to assume certain responsibilities at the request of the CEO, in areas like government affairs, community relations and leadership development.

Barry joined Best Buy in 1999 and has held a variety of financial and operational roles within the organization, both in the field and at the corporate campus. She became CFO in 2016 and, prior to that, served as the company's Chief Strategic Growth Officer. Barry has also served as senior vice president of domestic finance and as the interim leader of Best Buy's services organization. Prior to Best Buy, Barry worked at Deloitte & Touche.

As part of the transition, the company announced an additional change to its leadership team, also effective on June 11. Mike Mohan, current U.S. Chief Operating Officer, will be promoted to President and Chief Operating Officer. He joined Best Buy in February 2004 as vice president of the digital imaging business group. Before joining Best Buy, Mohan was vice president and general merchandise manager for Good Guys.

The company will conduct an internal and external search for a new Chief Financial Officer.

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