Retail

Best Buy board backs CEO Barry after its investigation into relationship allegations

Key Points
  • Best Buy's board had investigated CEO Corie Barry for an alleged relationship with a former employee.
  • The board backed Barry and said it concluded its investigation.
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Best Buy says Corie Barry to stay as CEO after investigation

Best Buy on Tuesday backed CEO Corie Barry after the retailer's board investigated the chief executive over allegations of an inappropriate romantic relationship.

"The Board takes allegations of misconduct seriously regardless of who is the subject," the board said in a statement. "When the Board received an anonymous letter regarding Corie Barry, the Audit Committee immediately retained outside legal counsel, Sidley Austin LLP, to conduct an independent review. Ms. Barry fully cooperated with the review, which has now concluded. The Board supports the continued leadership of the Company by Ms. Barry."

The board had received an anonymous letter that said Barry years-long relationship with a former Best Buy executive before she became CEO in June 2019.

Shares of the electronics retailer were up 0.4% in after-hours trading and are up more than 46% over the last 12 months.