Best Buy has announced that its President and Chief Operating Officer, Mike Mohan, will step down in July 2021, according to a memo seen by the Star Tribune.
Best Buy didn’t reveal what Mohan plans to do once he parts ways with the company.
The Minneapolis-based consumer electronics retailer will not fill Mohan’s shoes and will instead split his duties among members of its executive team. Three executives — Rob Bass, Damien Harmon, and Jason Bonfig — will be promoted to EVP and report directly to CEO Corie Barry.
"When I was named CEO, Mike and I had a frank conversation about how we saw our professional relationship moving forward," Barry stated. "He was very clear at the time that he was determined to support me as a first-time CEO and continue to work hard to grow the business in all the ways we hoped to do. He was, at the same time, equally clear that he intended, at some point, to move on and grow his career. That time has arrived, and I want to thank Mike one more time for being there for the company and for me each and every day."
Mohan has been with Best Buy since 2004 when he joined as VP of the company’s digital imaging business group. Throughout his 17-year tenure, he has held multiple positions including Chief Merchandising Officer, Chief Marketing Officer, and most recently Chief Operating Officer. Before Best Buy he worked for audio-video specialty retailer Good Guys and served in various positions at Canadian consumer electronics retailer Future Shop.
In 2020, Mohan proved to be a key leader charting Best Buy's response plan to the COVID-19 pandemic. In its fiscal year 2021 (ended January 30, 2021), Best Buy posted $43.4 billion in domestic sales, up from $40.1 billion the year before.
--
Want to stay up to date on executive moves in tech, media, retail, and more? Sign up for our newsletter to receive the week’s most important executive moves in your inbox.
