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Home / Business / Best Buy's new female CEO wants to join a growing – but still minuscule – club

Best Buy's new female CEO wants to join a growing – but still minuscule – club



Crying takes office in June, according to the latest count from nonprofit research group Catalyst. Those 26 women CEOs wants to represent just 5.2% of all S & P 500 CEOs.
Barry wants to join Best Buy's board, which will expand to 13 directors.
Currently Best Buy's chief financial officer, Barry wants to become the company's 5th CEO and its first woman's chief executive. She's replacing Hubert Joly, who wants to step into the newly-created role of executive chairman of the company's board of directors.

For an incoming CEO, Barry is fairly young, turning 44 this week. By comparison, the median age when men and women are appointed CEOs is approximately 55, according to corporate data research provider Equilar.

Barry's appointment is now in progress.

] But PSA: We're well into the 21

st century and have been in the workforce for decades.

While S & P 500 companies are doing more than half their job performance, they are much lower. Only about 5% of CEOs are female, according to Catalyst.

Why the big drop-off?

"Catalyst president and CEO Lorraine Hariton."

"There's a lot of cultural issues that we're dealing with."

Women who do make it to the C-suite "Hot" jobs are primarily revenue-generating, growth-driving positions that provide people with the skill sets and visibility that are more likely to put them on the CEO track ] typically take the non-revenue generating roles in finance, marketing or human resources, Hariton noted.

 How Best Buy's outgoing CEO, Hubert Joly, rescued the company

So, they remain unconscious biases and stereotyping women in the workplace, as well as a "Goldilocks Syndrome." For instance, a woman risks being either assertive or not assertive enough for a given role. Harry explained.

In Barry's case, she came through the finance channel but so served in some operational roles at Best Buy along the way, including a stint as its chief strategic growth officer.

Barry was groomed for the CEO's spot, Hariton said.

And there's a growing understanding that they are doing that in a concerted effort to make them better financially and competitively, she added

– CNN's Nathaniel Meyersohn contributed to this report.


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