The CEO who led Best Buy through its turnaround is stepping down and being replaced by the company's first female chief executive

Reuters/David McNew

Inside a busy Best Buy store.

• Best Buy has named a new CEO. Current CFO Corie Barry will step into the role, the company said on Monday.
• Its current CEO Hubert Joly will step into a newly created role as executive chairman of the board.
• Joly was CEO for seven years, leading the retailer through a turbulent time and instituting a turnaround plan which has brought Best Buy back to strong growth.

Best Buy has a new leader.

The company on Monday named current CFO Corie Barry as new CEO. Effective June 11, current CEO Hubert Joly will step into a newly created role as executive chairman of the board.

Barry, Best Buy's first female CEO, will also join Best Buy's board of directors.

"I am deeply honored to have been selected as Best Buy's next CEO and look forward to working closely with Hubert, our board, and the exceptional Best Buy family to continue the momentum we have been able to achieve," Barry said in a statement. "Today's technology and consumer landscape creates tremendous opportunities for Best Buy to further expand and deepen relationships with our customers and employees, while continuing to deliver shareholder value."

Best Buy / Reuters

Corie Barry.

Joly has been CEO for roughly seven years, instituting a turnaround plan that has led the retailer back to strong growth, with eight consecutive quarters of same-store sales gains. He declared the turnaround complete roughly two years ago.

Read more: Best Buy's CEO led the retailer in an incredible turnaround - here's how the company is defying the retail apocalypse

Hollis Johnson/Business Insider

Hubert Joly.

"I am so proud of the strategic, financial and cultural transformation we have achieved, and with Best Buy well positioned for continued growth well into the future, now is the right time to begin a leadership transition," Joly said in a statement. "Corie has played a critical role in developing and executing the proven growth strategy in place today, and I am confident she has the vision, skills, experience and leadership capabilities necessary to be our CEO."

Before becoming the CFO, Barry served as the strategic transformation officer. Joly said Barry led the development of the in-home advisor program, among other tech- and service-focused initiatives, which were a key pillar of Best Buy's pivot in strategy.

Mike Mohan, Best Buy's current COO, will also get a new title of president. Best Buy will begin a search for a new CFO to take Barry's place.