Best Buy's new CEO, Corie Barry, officially took the helm of the electronics retailer on Tuesday.

The company pulled off an impressive turnaround during the tenure of Barry's predecessor, Hubert Joly. Within the last decade, Best Buy transformed from a beleaguered big-box store struggling in the face of an economic downturn and competition from online retailers to a powerful retailer both online and offline.

"The choice of timing of a CEO transition is probably more of an art than a science," Joly told investors on a conference call May 23, after the company reported first-quarter results.

He added that it was the right time to trigger a change in leadership because the company had achieved what he had wanted to accomplish when he joined Best Buy in 2012.