When Joly stepped down as CEO in 2019 to become executive chairman of the Best Buy board, the company he inherited was transformed. (Perhaps not unrelatedly, the current Best Buy board is majority female.) The first major change was to offer price-matching, which helped erase online competitors’ biggest advantage and gave Best Buy some space to breathe. When Joly became CEO, Best Buy store managers were expected to measure 40 to 50 KPIs. “If you ask anybody who was at Best Buy at the time, ‘What were the two problems you were trying to solve?’ Everybody would know.” Best Buy’s problems were obvious.

Source: Forbes April 04, 2021 15:00 UTC