Best Buy's (BBY) shares slide on news that CEO Hubert Joly will step down

NYSE: BBY | Best Buy Co., Inc. Common Stock News, Ratings, and Charts

BBY – Notes: The consumer electronics retailer said Chief Executive Hubert Joly will leave that role to become executive chairman.

Shares of Best Buy Co. Inc. BBY, -0.45% fell 1.1% in premarket trade Monday, after the consumer electronics retailer said Chief Executive Hubert Joly will leave that role to become executive chairman. Chief Financial Officer Corie Barry will become CEO, effective after the annual shareholder meeting on June 11. Joly had joined Best Buy in 2012, and Barry had joined in 1999 and became CFO in 2016. The company said it would start an internal and external search for a CFO. The stock has gained 3.4% over the past 12 months through Friday, while the SPDR S&P Retail ETF XRT, +0.09% has edged up 1.6% and the S&P 500 SPX, -0.06% has gained 9.5%


Best Buy Co. Inc. shares were trading at $73.22 per share on Monday afternoon, down $0.35 (-0.48%). Year-to-date, BBY has gained 39.25%, versus a 16.47% rise in the benchmark S&P 500 index during the same period.

BBY currently has a StockNews.com POWR Rating of B (Buy), and is ranked #8 of 35 stocks in the Specialty Retailers category.


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