Best Buy names new CEO

Best Buy (BBY) has named a new CEO.

The retailer’s board of directors announced Corie Barry will assume the position and join its board in June. She was previously the company’s chief financial and strategic transformation officer.

Best Buy’s current CEO Hubert Joly will become the executive chairman of the board, a newly created position.

“These changes reflect the Board’s ongoing succession planning process and are designed to provide leadership continuity as the company continues to execute its strategic growth initiatives,” Best Buy said in a release.

Best Buy has poured money into making its stores into a destination for shoppers and vendors like Amazon (AMZN) and Apple (AAPL) as part of Jolly’s plan to future-proof it against online competition.

The stock is up 40% for the year. But it’s slightly lower in premarket trading.

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