"Best Buy revenue is lower now than when Corie Barry started as CEO, and the company is struggling to find its way. Barry announced today that she is stepping down as CEO in the autumn right before the key holiday season."
"During her first analyst day as CEO, Barry said Best Buy was eyeing a $50 billion in revenue milestone by 2025, betting that its nascent healthcare business would be a key engine of growth to get there."
"In the time she has been CEO, Best Buy shares have risen 6%, well below the 157% gain for the S&P 500, indicating a significant underperformance in the stock market."
"Sales in the year ended in early 2021 rose 21% to $51.8 billion, largely due to the COVID pandemic, but the company has struggled to maintain that momentum since."
Corie Barry announced her resignation as CEO of Best Buy, effective autumn, as the company faces declining revenue since her appointment. Despite her role in the retailer's reinvention, revenue fell to $41.7 billion, below the $50 billion target set for 2025. Best Buy's shares increased only 6% during her tenure, significantly lagging behind the S&P 500. Although sales peaked during the COVID pandemic, the company has struggled to sustain growth, particularly in its healthcare business, which has underperformed expectations.
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