With Best Buy's savior stepping aside, his successor must win over Wall Street again
Best Buy is at a crossroads as its chief executive steps aside. In May 2016, when she replaced her mentor, retail wizard Sharon McCollam, as chief financial officer of Best Buy, the company’s stock dropped 7% the day the news was announced. Barry later told thethat she keeps a screenshot of that stock drop in her office as a “good humility reminder.”
Joly is a tough act to follow, even though he is staying on as executive chairman of the Best Buy board and has pledged to continue to work closely with Barry. He’s the guy who took over the reins of Best Buy in 2012, launched a Renew Blue transformation plan, and quadrupled the company’s stock price. By the end of 2017, Best Buy had gone from being the big box retailer most at risk of being killed off by Amazon, to a success story that rang up its best holiday results in 14 years.
In picking Joly in 2012, the Best Buy board went with an outsider who could look at the company with fresh eyes. With Barry, Joly and the board are going with someone who has spent nearly her entire career at Best Buy, joining it two years out of college. Barry’s “ability to connect with people is just exceptional,” Joly said Monday in a discussion published on theBarry’s first mission will be to convince Wall Street that Best Buy remains on a growth trajectory, with more room to improve beyond the changes made by Joly.
Barry’s ascension as first female CEO of Best Buy may signal that Joly and the board recognize home appliances, home security systems, and senior-care products like the GreatCall phone and health alert acquisition are more important to the future of Best Buy than home theater systems and video games, and that it has to broaden its customer base and do a better job of drawing female customers.
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