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Best Buy on Monday said Corie Barry, currently the company's chief financial and strategic transformation officer, will become its new chief executive officer, effective June 11, making her the first woman ever to serve in this role.
Hubert Joly, who is Best Buy's current board chairman and CEO, will become executive chairman of the board, a newly created position, the company said.
It said the changes are part of the retailer's board's "ongoing succession planning process" and are meant "to provide leadership continuity." Barry will also join the board of directors, which will now expand to 13 directors, Best Buy said.
"Corie has played a critical role in developing and executing the proven growth strategy in place today, and I am confident she has the vision, skills, experience and leadership capabilities necessary to be our CEO," Joly said in a statement.
Best Buy shares were last down less than 1 percent Monday morning following the news.
There's some fear on Wall Street that Joly's stepping down could mean Best Buy's latest momentum will slow.
But the two executives tried to soothe those concerns during a call with members of the media.
"I think what we have put in place here is a genuinely well-thought out succession," Barry said. One where the retailer's board is "deeply involved" and Joly will still be sitting at headquarters "literally right across the hall" from her.
Joly joined Best Buy in 2012 and roughly two years ago laid out a plan for the consumer electronics company to help it achieve a turnaround, at a time when many retailers were figuring out how to incorporate e-commerce into their businesses. He pivoted the company to focus on its in-home advising service, technology as a health-care business and growing partnerships with tech behemoths including Amazon.
Joly has helped Best Buy achieve same-store sales growth for the past eight quarters. In the latest fiscal year, the company said it had already achieved the financial targets it set for fiscal 2021.
"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," Bary said in a statement. "I am deeply honored to have been selected as Best Buy's next CEO and look forward to working closely with Hubert."
Best Buy said Joly will continue to advise on certain "key matters" like mergers and acquisitions, and relationships with outside companies. He's also expected to help Barry with areas like government affairs and community relations, the company said.
Best Buy also on Monday announced that, effective June 11, current U.S. chief operating officer Mike Mohan will be promoted to president and COO, while the company conducts an internal and external search for a new CFO.
Best Buy shares as of Friday's market close had climbed nearly 40 percent so far this year.