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.
(iStock illustration by Alexis Manrodt)
By the look of things, Best Buy had a great winter. Domestic revenue surged 11 percent in November, December and January to $15.4 billion.
But in announcing the good news, the electronics retailer said it would lay off 5,000 full-time workers and ramp up store closings. In the crosshairs are 450 locations with leases expiring in the next three years.
“There will be higher thresholds on renewing leases as we evaluate the role each store plays,” CEO Corie Barry told analysts on an earnings call.
Best Buy isn’t alone. Across the country, retailers with great earnings are consolidating stores.