Best Buy CMO exits retailer

Best Buy Chief Marketing Officer Frank Crowson is no longer with the retailer, the electronics chain confirmed. Crowson had been with the Minneapolis-based company for five years, working for the last two as CMO. A Best Buy spokesman did not respond to multiple inquiries regarding plans for the CMO role or who is now helming the retailer’s in-house creative studio, which had been led by Crowson. According to a roster of Best Buy’s leadership, Allison Peterson, chief customer officer, is tasked with customer strategy and driving “meaningful differentiation and brand love” with Best Buy customers. She also runs the chain’s loyalty program. In recent years, Best Buy has doubled down on its in-house agency, which handles the bulk of the chain’s branding. The retailer’s recent holiday campaign, created internally, focused on the power of gadgets as gifts that will change lives. Ads ran on TV and digital. “We know that this year more than ever, customers are looking for value as well as the ability to shop whichever way is most convenient for them,” said Peterson in a company statement about the campaign, noting that Best Buy is offering “Black Friday” deals throughout the season. In its most recent quarter, Best Buy topped analyst expectations by reporting that net sales fell 11% to $10.6 billion over the year-earlier period. Net income for the quarter was $277 million, a little more than half of last year’s $499 million. After pandemic surges when consumers were outfitting home offices and home schools, demand has leveled off this year for the brand, which lowered its financial forecast over the summer. CEO Corie Barry recently spoke about the importance of “value” to cash-strapped customers, a message Best Buy is laying into in its holiday marketing. Like many retailers, Best Buy has seen its share of CMO shuffles in recent years. Five years ago, the company underwent a reorganization that included the departure of Chief Creative Officer Tom Nowak and former CMO Greg Revelle, who recently left Kohl's. Best Buy subsequently eliminated the CCO position. Ad Age's Marketers of the Year The 10 marketers that broke through in 2022 See the full list here

Best Buy CMO exits retailer

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