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• Best Buy CEO Hubert Joly, who was brought in from the outside seven years ago to re-engineer the company and make it more competitive on a fast-shifting economic battlefield being disrupted by Amazon, announced yesterday that he will step down in June and be succeeded by Corie Barry, the company’s chief financial and strategic transformation officer.

The Los Angeles Times writes that the company “is handing the reins to the architect of the retailer’s current growth strategy, widely considered to be one of the industry’s most remarkable turnarounds … In her outgoing role, Barry oversaw the company’s expansion announced in 2017, a rare consumer success story in the age of Amazon. The plan found new revenue streams, including an in-home advisory program to help customers with any tech-related issue.

“The Barry-led push into services has helped Best Buy buck the trend of legacy retailers succumbing to the shift online. During the holiday-shopping season, the chain again topped expectations when many peers struggled.”

Joly will remain with Best Buy as executive chairman; the Times notes that he has mentored Barry, 44, for several years.
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