Best Buy names Minnesotan Corie Barry as its new CEO

She'll replace longtime CEO Hubert Joly later this year.
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Hubert Joly, the CEO who led Best Buy from the "brink of collapse" to a modern day retail success story, is stepping away from his role later this year.

Taking his place will be a Minnesotan: Corie Barry.

Best Buy announced the big move at the top of the company Monday morning, noting Joly - who joined the retailer in 2012 - will move into a newly created role titled executive chairman of the board.

Joly, in a separate news release, explained part of the reasoning - he's been doing this type of "all-the-time" job for a couple of decades, and is now a grandfather with family spread around the globe. He's seeking "a bit more balance" in her personal life," he said.

Taking his place come June 11 is Barry, who said she is from Minnesota originally and has been serving as Best Buy's chief financial and strategic transformation officer since 2016. She's been with the company for the past 20 years.

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"It is a big role, and I have to acknowledge that," she said. "Part of what makes it more comfortable is that it’s a big role at a place that feels like family. I have been here for 20 years. I have many friends, I have many mentors and I have many supporters. And I have many vectors of advice. When I combine all of those factors, it provides me a lot of excitement and honestly confidence in taking the role because you don’t feel you’re walking in to do this all by yourself. You feel like you have a wealth of support around you.'

When Barry takes the reins, she will be joining rare company.

She will become one of just 26 women to serve as CEO of a Fortune 500 company, despite making up 58 percent of the U.S. workforce. Best Buy ranked 72nd on the list last year.

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Best Buy's new CEO gets $20M+ pay package

Hubert Joly, the newly appointed CEO at the troubled Richfield-based electronics retailer will earn a base salary of $1.175 million in his first year, CNN Money reports. He will also receive a mix of cash and stock options worth $20 million, according to the Pioneer Press. Joly takes the reins of Best Buy next month.