Best Buy will have a new CEO June 11, as Hubert Joly becomes executive chairman and Corie Barry, now CFO and chief strategic transformation officer, takes over.
Joly has also been responsible for tackling competition from Amazon.com Inc and other online retailers by bolstering the company's own website, delivery options and tech support services.
Best Buy's total same store sales have risen for at least the last three straight years.
Hubert Joly will transition to Executive Chairman of the company's board.
In Joly's near 7-year tenure as CEO, Best Buy's same store sales have risen for the past five years, while its shares have grown four-fold. The efforts were funded by $1.4 billion in cost savings.
"Investors appreciate the awesome job Hubert has done for the last eight years and the downtick reflects some fear of change", Wedbush analyst Michael Pachter said.
Barry, who is a College of Saint Benedict graduate, will join the 5% of female CEOs for a Fortune 500 company.
Joly on the call said he would continue to advise Barry on key matters such as mergers and acquisitions, as he sits right across the hall from Barry's office in Richfield, Minnesota.
"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", Joly said in a statement.
Barry has been with the company since 1999 and held a variety of positions before taking over as CFO in 2016.