Best Buy Co. Inc. (BBY) has named Corie Barry as its new Chief Executive Officer, effective June 11. Barry, who currently serves as CFO, will be the first woman to hold the position of CEO. She will also join the company’s board of directors. Best Buy will conduct an internal and external search for a new CFO.
Best Buy’s current Chairman and CEO, Hubert Joly, will step into the newly-created role of executive chairman of the board. Joly helped turn around the company’s business during his tenure as CEO and oversaw deals such as the partnership with Amazon (AMZN) and the GreatCall acquisition. The GreatCall transaction was touted to be the biggest in Best Buy’s history and marked the electronic chain’s foray into the healthcare domain.
For its most recent quarter, Best Buy topped earnings expectations, marking its fifth consecutive quarter of beating estimates. The company has also achieved comparable sales growth for the past eight quarters.
For full-year 2020, Best Buy expects to generate revenue in the range of $42.9 billion to $43.9 billion and to achieve comparable sales growth of 0.5% to 2.5%. The company expects adjusted EPS to be $5.45-$5.65.
Best Buy’s shares were down 0.83% shortly after the market opened on Monday. The stock has climbed over 42% thus far this year.
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