Best Buy CEO Hubert Joly leaves post at short notice

  • Push-out Score determined
  • After almost seven years in the position
  • Accolades and praise for Joly
  • Corie Barry taking over
  • Joly will remain as Executive Chairman at Best Buy
  • Joly spoke at length and said 147 words

(exechange) — Minneapolis, Minnesota, April 15, 2019 — Hubert Joly, chief executive of Best Buy, leaves the position. It is a change at short notice. As announced by Best Buy Co. in a news release on Monday, April 15, 2019, Hubert Joly leaves his post as chief executive officer at the consumer electronics retailer after almost seven years in the role, effective June 11, 2019.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.8 years, according to data compiled by exechange.

Hubert Joly’s duties will be taken over by Corie Sue Barry, currently chief financial and strategic transformation officer of Best Buy Co.

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

Hubert Joly’s move is part of a management shake-up also involving the position of President and Chief Operating Officer.

“Succession planning process”

The management change is explained as follows. Best Buy said: “These changes reflect the Board’s ongoing succession planning process and are designed to provide leadership continuity as the company continues to execute its strategic growth initiatives.”

Joly will remain as Executive Chairman at Best Buy

“Best Buy Co., Inc. … announced that its board of directors has elected Corie Barry, currently the company’s Chief Financial and Strategic Transformation Officer, to become Chief Executive Officer, effective following the company’s annual meeting of shareholders on June 11, 2019. At that time, Hubert Joly, Best Buy’s current Chairman and Chief Executive Officer, will transition to the newly created role of Executive Chairman of the Board,” Best Buy said.

Share price increase since December 2018

The announcement follows an increase in Best Buy Co., Inc.’s share price of 53 percent since December 2018.

In the position of CEO since 2012

Hubert Joly’s CV reads as follows:

Chairman (2015-present) and Chief Executive Officer of Best Buy Co., Inc. (2012-present)

Director since: September 2012

Other Public Company Directorships:

  • Ralph Lauren Corporation

Education: Joly holds degrees from the École des Hautes Études Commerciales de Paris (HEC Paris) and the Institut d’Etudes Politiques de Paris.

Prior Roles:

  • President and Chief Executive Officer of Carlson, Inc., a worldwide hospitality and travel company (2008-2012);
  • President and Chief Executive Officer of Carlson Wagonlit Travel, a business travel management company (2004-2008);
  • Senior executive positions with Vivendi S.A., a French multinational media and telecommunications company (1999-2004).
Push-out Score determined

The Push-out Score™ determined by exechange gauges the likelihood that Hubert Joly was pushed out or felt pressure to leave the position.

exechange reached out to Best Buy and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 16.2019 ($).