Best Buy replaces turnaround chief Joly with longtime CFO

REUTERS: Best Buy Co Inc on Monday named Chief Financial Officer Corie Barry as the company's chief executive officer, the first woman to lead the consumer electronics retailer in its 53-year history.

She has also held several operational roles in her tenure, including heading the integration of health services provider GreatCall Inc, which Best Buy bought last year for US$800 million. Under Joly, the company has also placed emphasis on membership services like its"Geek Squad" tech support to boost margins as the importance of matching prices with online competition becomes ever more essential to keep customers visiting its stores and website.In Joly's near 7-year tenure as CEO, Best Buy's same store sales have risen for the past five years, while its shares have grown four-fold.

"Investors appreciate the amazing job Hubert has done for the last eight years and the downtick reflects some fear of change," Wedbush analyst Michael Pachter said.

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