Press release

Best Buy Evolves Leadership Roles as Part of Succession Planning Process

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Best Buy Co., Inc. (NYSE: BBY) today announced that its board of
directors has elected Corie Barry, currently the company’s Chief
Financial and Strategic Transformation Officer, to become Chief
Executive Officer, effective following the company’s annual meeting of
shareholders on June 11, 2019. At that time, Hubert Joly, Best Buy’s
current Chairman and Chief Executive Officer, will transition to the
newly created role of Executive Chairman of the Board. These changes
reflect the Board’s ongoing succession planning process and are designed
to provide leadership continuity as the company continues to execute its
strategic growth initiatives. Ms. Barry will also join the board of
directors, which will expand to 13 directors.

Since joining Best Buy in 2012, Mr. Joly has led the company through its
successful, customer-focused Renew Blue transformation, which delivered
improved customer satisfaction, market share gains, comparable sales
growth and improved margins, while achieving $1.4 billion in cost
reductions and efficiencies to fund investments in Best Buy’s organic
growth. In 2017, Mr. Joly introduced Best Buy 2020: Building the New
Blue, the company’s growth strategy focused on enriching lives through
technology, which has driven Best Buy to even stronger performance. In
fiscal year 2019, Best Buy essentially delivered on its fiscal 2021
revenue and non-GAAP operating income targets two years ahead of
schedule and returned $2 billion to shareholders through dividends and
share repurchases. As Executive Chairman, Mr. Joly will continue to lead
the board of directors while advising and supporting the CEO on key
matters, such as strategy, capability building, M&A and external
relationships. In addition, he is expected to assume certain
responsibilities at the request of the CEO, in areas like government
affairs, community relations and leadership development. This will allow
the company to continue to benefit from Mr. Joly’s skills and experience.

“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,” Mr. Joly said. “We have a tremendously talented, deep and
dedicated leadership team at Best Buy, driven by our strategy and
purpose to enrich lives with technology, build lasting relationships
with customers and make positive impacts on society. 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. I look forward to
working with her closely in my new role as we seek to continue Best
Buy’s growth trajectory, deliver on the full potential of our strategy
and create additional long-term value for our shareholders, employees
and customers.”

Ms. Barry said: “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. 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.”

Ms. Barry’s current responsibilities include strategic transformation
and growth, digital and technology, global finance, investor relations,
enterprise risk and compliance, integration management, and Best Buy
Health, which includes GreatCall.

She joined Best Buy in 1999 and has held a variety of financial and
operational roles within the organization, both in the field and at the
corporate campus. She became CFO in 2016 and, prior to that, served as
the company’s Chief Strategic Growth Officer. Ms. Barry has also served
as senior vice president of domestic finance and as the interim leader
of Best Buy’s services organization.

Prior to Best Buy, Ms. Barry worked at Deloitte & Touche. She holds
bachelor’s degrees in accounting and management from the College of
Saint Benedict, where she also serves on the board of trustees.
Additionally, she serves on the board of directors for Domino’s Pizza.

As part of the transition, the company announced an additional change to
its leadership team, also effective on June 11. Mike Mohan, current U.S.
Chief Operating Officer, will be promoted to President and Chief
Operating Officer. The company will conduct an internal and external
search for a new Chief Financial Officer.

As U.S. Chief Operating Officer, Mr. Mohan’s responsibilities include
oversight of all customer channels for Best Buy’s domestic business
including retail, e-commerce and customer experience, services, home,
and Best Buy Business. In addition, he leads category management,
merchandising, marketing, supply chain, and real estate for Best Buy’s
core U.S. business.

He joined Best Buy in February 2004 as vice president of the digital
imaging business group and has assumed additional responsibilities
throughout his career across nearly all of Best Buy’s product and
business categories. He has overseen the launch of thousands of
store-within-a-store locations in partnership with leading technology
vendors, the expansion of Best Buy’s own Magnolia and Pacific Kitchen &
Home brands, the evolution of the company’s private-label brands, and
the rise of emerging categories, such as 4K UHD TVs, health and fitness
devices, and connected home products.

Before joining Best Buy, Mr. Mohan was vice president and general
merchandise manager for Good Guys, an audio-video specialty retailer
that operated 79 stores in the western United States. He serves as a
trustee for the Boys & Girls Clubs of America and serves on the board of
directors for Bloomin’ Brands, Inc.

Russell P. Fradin, Best Buy’s Lead Independent Director, said: “Hubert
has done a tremendous job leading Best Buy’s turnaround, assembling a
deep team of talented leaders and instilling a clear strategy for future
growth and lasting success. As a Board, it is important to build on this
strong foundation by implementing a thoughtful succession planning
process. We are confident that Corie and Mike are perfectly suited to
continue working with Hubert and the rest of the management team to
build on our success and drive Best Buy into the next phase of its
transformation.”