Best Buy President Mohan To Exit After 17 Years, No Replacement Named
04/30/21 AT 8:23 AM
Best Buy (BBY) announced Thursday that Mike Mohan will be stepping down from his role as president and chief operating officer, effective July 1, according to a securities and exchange filing.
No replacement was named for Mohan’s position. Instead, Best Buy said that his duties would be allocated to other members of the executive leadership team.
The filing also indicated that Mohan, 53, will be paid a one-time cash payment of $1 million on or after his departure date for services through July 1 for staying through the departure date, according to the filing. Bloomberg reported that he will also receive separation benefits.
Best Buy president to leave after 17 years at chain
ANNE D INNOCENZIO, The Associated Press
April 29, 2021
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NEW YORK (AP) Best Buy said Thursday that its president and chief operating officer is stepping down in July after more than 17 years with the chain.
The Minneapolis-based consumer electronics retailer will not replace Mike Mohan, 53, according to a memo to employees obtained by The Associated Press. Rather, his duties will be spread out among members of the executive team.
According to the memo, some of the executives who directly reported to Mohan will now report to its CEO Corie Barry. They include: Rob Bass, who continues to run the company s supply network and global property organizations; Damien Harmon, head of omnichannel operations; and Jason Bonfig, chief merchant.
Dive Brief:
Best Buy President and Chief Operating Officer Mike Mohan is stepping down from his post, effective July 1, according to a securities filing.
The retailer said it does not plan to fill the COO role after Mohan departs. Instead it plans to distribute his responsibilities around Best Buy s executive leadership team.
After leaving, Mohan is set to receive $1 million in cash in lieu of annual incentive compensation for the year.
Dive Insight:
Mohan started with Best Buy 17 years ago in 2004 as vice president of the digital imaging business group. He worked his way up to chief merchandising and marketing officer before becoming COO. In 2019, he took on the president title at the same time Corie Barrie became CEO after serving as the retailer s CFO and chief transformation officer.
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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.