Best Buy to retain CEO Corie Barry following misconduct investigation

Best Buy retains Corie Barry as CEO following misconduct investigation
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Best Buy chief executive officer (CEO) Corie Barry will retain her position at the company after the board’s investigation into misconduct allegations against her.

The audit committee of the board of directors announced that Corie Barry will remain as CEO of Best Buy after the misconduct investigation was completed.

The company launched the investigation in December after receiving an anonymous letter containing the allegations but only announced it more than two weeks ago.

In a statement, the board committee expressed that it “supports the continued leadership of the Company by Ms. Barry.”

The committee said: “The Board takes allegations of misconduct seriously regardless of who is the subject. When the Board received an anonymous letter regarding Corie Barry, the Audit Committee immediately retained outside legal counsel, Sidley Austin LLP, to conduct an independent review.”

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“Ms. Barry fully cooperated with the review, which has now concluded … To preserve the confidentiality and integrity of the process, the Board will have no further comment,” the statement continued.

While the company declined to give details on what claims were stated in the letter, the Wall Street Journal, which reviewed the letter, reported that Barry allegedly had an inappropriate romantic relationship with a fellow executive before she took over as chief executive last June.

Barry is a longtime Best Buy executive and is one of a small handful of women who lead Fortune 500 companies. Before becoming the company’s CEO, she was chief financial and strategic transformation officer.

Following the announcement, Barry said: “I appreciate the Board’s support and look forward to continuing to execute on our strategic vision to Build the New Blue: Chapter Two.”

The company is one of the few traditional retailers that have thrived despite strong competition with Amazon and against retail giants like Walmart and Target.

Barry oversaw the Best Buy’s recent turnaround strategy of offering technology help at customers’ homes and connected health care for aging Americans as foot traffic in physical stores decline.

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