Joly has had a remarkable run at Best Buy, transforming it from a lumbering, old-fashioned big-box retailer into a worthy competitor for a digital age.
Joly, 59, took the helm in 2012 and focused on driving online revenue and the in-store experience as traditional retailers like faced dwindling foot traffic and sales.
Barry, who now works as the Chief Financial and Strategic Transformation Officer will replace current CEO Hubert Joly, who will move into the newly-created role of Executive Chairman of the Board. As Executive Chairman, Joly will continue to lead the board of directors while advising and supporting the CEO on key matters, such as strategy, capability building, M&A and external relationships. Online sales now account for around 22% of its business. Last year, it launched a service that costs $199.99 a year that offers unlimited Geek Squad technical support. Barry, who is seen as instrumental in the company's turnaround, will pick up the baton in June, as Best Buy continues to stare down an existential threat from Amazon and other internet sellers.
In its most recent quarterly results, the company posted a 3% gain in comparable sales, with fourth quarter revenues topping $14.8 billion, while net earnings jumped to $735 million, from $364 million the year before.
The business is pushing more acquiring a company past year named GreatCall which provides emergency response devices for the aging.
In an interview on the company blog, Joly says he is stepping down to spend more time with his family, including a brand-new grandchild, and that the decision to promote Barry was a unanimous one. She will also join the board of directors, which is expanding to 13 members.
"Today's technology and consumer landscape creates tremendous opportunities for Best Buy to further expand and deepen relationships with [its] customers and employees, while continuing to deliver shareholder value", Barry said.
Barry, who also joins the company's board, has been the electronics chain's chief financial and strategic transformation partner.
As part of the transition, Best Buy announced an additional change to its leadership team, also effective on June 11.
In afternoon trading, shares of Best Buy Co. dipped 12 cents to $73.44.