Best Buy announces departure of senior executive vice president Damien Harmon

Best Buy Co., Inc. (NYSE:BBY) reported Friday that Damien Harmon, the company’s Senior Executive Vice President of Channel & Customer Experiences & Enterprise Services, will step down from his role effective July 18. The announcement was made in a press release statement included in a filing with the Securities and Exchange Commission.

According to the filing, Harmon is leaving the company to pursue other interests. Best Buy stated it does not plan to fill the position following his departure. Instead, the responsibilities managed by Harmon will be allocated among the company’s Chief Executive Officer and other members of its executive leadership team.

The filing also noted that Harmon will receive separation benefits in line with Best Buy’s ERISA plan. No further details regarding the terms of the separation or the allocation of specific duties were disclosed.

Best Buy’s common stock trades on the New York Stock Exchange under the symbol BBY.

All information is based on a press release statement included in the company’s SEC filing.

In other recent news, Best Buy Co. has appointed Neal Sample as its new chief digital and technology officer. Sample, who previously served as executive vice president and chief information officer at Walgreens Boots Alliance (NASDAQ:WBA) Inc., replaces Brian Tilzer, who is leaving after joining Best Buy in 2018. During his tenure, Tilzer was instrumental in developing apps and implementing AI to enhance customer support. In financial updates, UBS analyst Michael Lasser has adjusted Best Buy’s price target to $90 from $95, maintaining a Buy rating. Lasser noted that Best Buy’s first-quarter results might have been more pessimistic than optimistic, with comparable sales likely below expectations. Piper Sandler also revised Best Buy’s stock target to $82, maintaining an Overweight rating. The firm highlighted that Best Buy’s handling of tariffs was effective but noted a slight disappointment in comparable store sales. Meanwhile, KeyBanc Capital Markets continues to hold a Sector Weight rating, acknowledging Best Buy’s resilience despite a slight drop in comparable store sales. The company anticipates a slight decline in comps for the second quarter, with earnings per share expected to be between $6.15 and $6.30.

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