Best Buy COO Mohan to Depart; No Replacement Planned
(Bloomberg) -- Best Buy Co. said its president and chief operating officer Mike Mohan will step down, without naming a reason or a successor.
Mohan’s departure is effective on July 1, 2021, the retailer said in a filing. Best Buy doesn’t intend to replace him, and will instead allocate his responsibilities to other members of the leadership team. He will receive separation benefits, plus a one-time cash payment of $1 million to stay on through his departure date.
Mohan, who joined Best Buy in 2004, was responsible for the operations of Best Buy’s U.S. and international businesses. That included merchandising, marketing and supply chain, among other tasks. Mohan was promoted to his president role in early 2019, at the same time the company announced Corie Barry would be taking over as chief executive officer from outgoing leader Hubert Joly. Mohan had also been considered a leading candidate to replace Joly.
He didn’t immediately reply to a request on LinkedIn.
Mohan, who was 53 as of March 18, joined the board at pet-food retailer Petco Health & Wellness Co. earlier this ear.
The shares were little changed after the close of regular trading on Thursday. The stock has advanced almost 19% so far this year.
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