Best Buy and Asbury Automotive Promote COOs to CEO Roles

Best Buy and Asbury Automotive Group each promoted their chief operating officer to chief executive in 2026. Boards are turning to operational leaders as companies seek to unify processes and sharpen execution in an era of artificial intelligence. The Fortune COO Summit, held the week of June 1, examined how the role is changing.

Nike COO Venkatesh Alagirisamy, MGM Resorts COO Ayesha Molino and Chipotle COO Jason Kidd attended the event. Data from Heidrick & Struggles, Russell Reynolds Associates and True Search identify four common routes to the COO position. Enterprise operators who run divisions with full profit-and-loss responsibility, supply-chain strategists, finance executives focused on margins, and digital-systems builders who oversee cloud, data and AI infrastructure are the recurring profiles.

Anthropic joined the ranks of Series H startups on Thursday and became the first private company to approach a $1 trillion valuation. Sam’s Club, which generated $96 billion in revenue under CEO Latriece Watkins, has produced chief executives for Walmart, Target and Walgreens. Citi CEO Jane Fraser oversaw a revenue rebound that produced decade-high results for the bank.

Meta hired Dina Powell McCormick to advance its artificial-intelligence agenda in Washington and on Wall Street. Nvidia’s chief executive said the company’s low turnover stems from a leadership approach that gives employees room to turn their work into their life’s work. About one in four professionals experience a career stall before age 40, according to data cited in the coverage.

Starbucks withdrew its AI assistant months after launch because inaccurate inventory data disrupted store operations. Uber exhausted its 2026 artificial-intelligence budget in four months, leading its chief operating officer to question whether the spending produced meaningful consumer-facing value. Samsung approved a compensation package that includes large bonuses for chip workers.

Dell’s shares rose after the company reported strong data-center results and secured a Pentagon contract. 4 trillion, though the businesses currently lose money. America’s aging population is producing a workforce squeeze as fewer younger workers are available to replace retiring employees in key roles.