Mike Mohan stepping down as president of Best Buy The executive team will be reshuffled to take over his duties, a memo said. April 29, 2021 4:26pm Text size Copy shortlink:
Best Buy s president and chief operating officer, Mike Mohan, will leave the company in July after more than 17 years, the company said Thursday.
CEO Corie Barry said Best Buy will not replace him, instead spreading his duties among other members of the executive team, according to a note to employees obtained by the Star Tribune. When Mike shared that it might be time for him to leave Best Buy, I was met with so many emotions, Barry said in the note.
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Best Buy (NYSE:BBY) both experienced accelerating sales growth throughout the pandemic. Costco became a top destination for stocking up on essential products, while Best Buy benefited from surging PC sales as more people worked from home.
Costco s stock price rose by over 20% in the past 12 months, but Best Buy s stock price more than doubled. Let s see why investors were more enthusiastic about Best Buy this past year, and whether that trend will continue this year.
A tale of two big retailers
Costco s warehouse club model, which lets members buy products in bulk at lower prices than superstores or
Amazon, insulated it from the worst effects of the retail apocalypse over the past decade.
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