Electronics retailer Best Buy (BBY - Get Report) on Monday announced that Corie Barry, currently the company's chief financial and strategic transformation officer, will become its CEO, effective June 11.
Best Buy's current board chairman and CEO, Hubert Joly, will become executive chairman of the board, a newly created position, the company said in a statement.
The move is part of the company's ongoing transition to re-invent itself in an era of changing consumer tastes and habits, particularly the move to online shopping, gaming and other products and services that were only available on store shelves.
"Corie has played a critical role in developing and executing the proven growth strategy in place today, and I am confident she has the vision, skills, experience and leadership capabilities necessary to be our CEO," Joly said in the statement.
Best Buy was recently upgraded to outperform from perform by analysts at Oppenheimer as they believe investors underappreciate the effectiveness of the retailer's changing strategy.
The analysts established a price target of $86 on the stock. Best Buy shares opened down 0.69% at $73.04 on the New York Stock Exchange. They ended the day Friday down 0.55% at $73.57.