Best Buy’s Board Backs CEO After Investigation

Best Buy’s Board Backs CEO After Investigation

The company's board says it supports the continued leadership of Corie Barry.

It appears Corie Barry will stay on board as CEO of Best Buy Co. Inc.

On Tuesday afternoon, the electronics retailer announced that it has wrapped up its independent review of allegations that Barry had an inappropriate relationship with another exec before she became CEO. Best Buy had hired Chicago-based law firm Sidley Austin LLP to conduct the review.

“Ms. Barry fully cooperated with the review, which has now concluded. The board supports the continued leadership of the company by Ms. Barry,” Best Buy said in a statement.

The company said it wouldn’t provide any further comment to “preserve the confidentiality and integrity of the process.”

Best Buy initiated the independent review after its board received an anonymous letter sent Dec. 7. In the letter, Barry was accused of having a romantic relationship with former senior VP Karl Sanft before she became CEO. Sanft, who left Best Buy and now serves as chief operating officer of 24 Fitness, denied the affair.