April 15 (UPI) -- Best Buy on Monday announced it is replacing CEO Hubert Joly with Chief Financial Officer Corie Barry, the first woman to take on the leadership position in the company's history.
Joly will become Best Buy's executive chairman of the board, a newly created position, effective June 11. Barry also will join the board of directors, which will expand to 13.
Best Buy said the leadership shuffling reflects the company's "ongoing succession planning process" as part of its "strategic growth initiatives."
Joly was named CEO in August 2012 after a four-year stint with hospitality firm Carlson, replacing interim CEO G. Mike Mikan.
"I am so proud of the strategic, financial and cultural transformation we have achieved, and with Best Buy well positioned for continued growth well into the future, now is the right time to begin a leadership transition," Joly said.
Barry joined Best Buy in 1999 and has held a number of financial and operational roles. She was named CFO in 2016.
"I am deeply honored to have been selected as Best Buy's next CEO and look forward to working closely with Hubert, our board, and the exceptional Best Buy family to continue the momentum we have been able to achieve. Today's technology and consumer landscape creates tremendous opportunities for Best Buy to further expand and deepen relationships with our customers and employees, while continuing to deliver shareholder value."