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Best Buy CEO to step down

NEW YORK (AP) – The CEO credited with reviving a struggling Best Buy is stepping aside.

Hubert Joly is handing leadership of the reinvigorated electronics retailer to longtime executive Corie Barry as part of the company’s succession plan.

Joly, 59, took the helm of Best Buy in 2012 and focused on driving online revenue and the in-store experience as traditional retailers struggled with dwindling foot traffic and sales. Online sales now account for about 22 percent of the company’s business.

Best Buy also expanded services while adding same-day delivery service in certain areas.

Barry becomes CEO on June 11. She’s been with the company in various executive jobs since 1999. She will also join the board of directors, which is expanding to 13 members.

Joly will become executive chairman of the board at Best Buy after stepping down.

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Associated Press

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