Best Buy Co. Inc. (NYSE: BBY) shares tumbled 1.1% in premarket session on Monday, after the Minnesota-based consumer electronics seller said the current CEO Hubert Joly will get re-appointed and become executive chairman (see the BBY stock chart here).
Best Buy’s current CFO Corie Barry will become the new Chief Executive, coming into effect after the annual shareholder meeting in June. The company said it will start looking for a new CFO both internally and externally.
“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.” said Hubert Joly.
The stock has rallied 3.4% during the last 12 months through April 12, while the SPDR S&P Retail ETF XRT had advanced 1.6% and the S&P 500 SPX has climbed 9.5%.