Best Buy Announces Internal Succession Plan for Company's Chief Administrative and Chief Financial Officer
May 24 2016 - 7:01AM
Business Wire
CAO and CFO Sharon McCollam to step down at
conclusion of company’s annual shareholder meeting in June
Current Chief Strategic Growth Officer to
assume CFO role
As part of an internal succession plan, Best Buy today announced
that Sharon McCollam, the company’s chief administrative and chief
financial officer, will be stepping down on June 14, 2016. McCollam
will remain with the company in an advisory capacity until the end
of the fiscal year, January 28, 2017, to ensure a seamless
transition.
Corie Barry, a 16-year veteran of Best Buy and its current chief
strategic growth officer, will become the company’s chief financial
officer at the conclusion of Best Buy’s annual shareholder meeting,
being held on June 14.
Hubert Joly, Best Buy chairman and CEO commented, “Over her many
years at Best Buy, Corie has held several field and corporate
roles, both in operations and finance. She was formerly the senior
vice president of U.S. Finance and, until recently, she led our
services business on an interim basis while standing up the
company’s Strategic Growth Office. Since Sharon arrived, she has
been grooming Corie for this role and the Board of Directors,
Sharon and I are confident that Corie’s experience, skills and
commitment to Best Buy’s future make her the perfect choice for
this role.”
Joly continued, “On behalf of my colleagues on the executive
team and the people around Best Buy whose professional lives she’s
touched, I want to thank Sharon for all that she’s done for Best
Buy. Sharon came out of retirement in 2012 to help revitalize the
company when it was facing a multifaceted crisis. Three and a half
years later, we are in a completely different place and are into
the next phase of our journey as a company. Sharon can leave with a
sense of confidence in the future of the company and certain that
her legacy will endure.”
Joly concluded, “To my friend, I say simply, thank you for the
profound and lasting impact that you have had here! The ability to
now begin to spend more time with your husband is so
well-deserved.”
Sharon McCollam, CAO and CFO commented, “In every person’s
career, there are moments when their heart is filled with
emotion. Today is one of those moments for me. I cannot
express deeply enough what an immense privilege it has been to be a
part of this remarkable company and exciting
transformation. With our team of more than 125,000 people, we
have worked hand-in-hand to Renew Blue, and today, Best Buy is
stronger than ever. What I will cherish most of my time here
is the pride that I have felt working with one of the most talented
and dedicated teams in retail, not to mention with Hubert who is an
extraordinary leader, an inspiring business partner and a
friend. I will be forever grateful to have had the opportunity
to share this journey with my entire Best Buy family.”
McCollam continued, “As I step down, I do so knowing that we
have never been as well-positioned as we are today to take Best Buy
to a new level. For this, I would like to thank Hubert, my
peers, our corporate and field teams, and in particular, my direct
reports, for their exceptional contributions that have made this
possible. I would also like to thank our Board and our
shareholders for their confidence and support.”
McCollam concluded, “Finally, I would like to thank
Corie. Corie has been my strategic right-hand partner since I
joined Best Buy. With her exceptional financial acumen and
deep understanding of Best Buy’s operations, she has been an
influential leader over the financial and cost disciplines that
have been established across the company over the past several
years. She is also a highly respected cross-functional leader
and will be an incredible CFO of whom I could not be more proud or
confident. Congratulations, Corie!”
Succeeding Barry as the chief strategic growth officer is
Asheesh Saksena. Saksena was most recently the executive vice
president of strategy and new business development for Cox
Communications. Previously, he was the deputy chief strategy
officer for Time Warner Cable. He joins Best Buy next month,
reporting to Joly and serving on the executive team.
McCollam’s duties as chief administrative officer will be
assumed by several members of the company’s executive team.
- Barry will also have reporting to her
the company’s information technology, information security, audit,
procurement and pricing functions.
- Shari Ballard, president of U.S.
retail, takes on the real estate function and will have Best Buy’s
business in Mexico reporting to her. In recognition of her
additional duties and broad responsibilities, she has been promoted
to senior executive vice president.
- Mike Mohan, Best Buy’s chief
merchandising officer, will now have reporting to him the supply
chain function. He, too, has been promoted to senior executive vice
president in recognition of his expanded role and
responsibilities.
- Trish Walker, president of services,
will now have the company’s Enterprise Customer Care function
reporting to her. Walker joined Best Buy in April 2016 after two
decades with Accenture where, most recently, she led their retail
practice.
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version on businesswire.com: http://www.businesswire.com/news/home/20160524005435/en/
Best Buy Co., Inc.Investor Contact:Mollie O'Brien,
612-291-7735mollie.obrien@bestbuy.comorMedia Contact:Jeff
Shelman, 612-291-6114jeffrey.shelman@bestbuy.com
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