The Wall Street Journal reported https://on.wsj.com/2uZRtX6 that the letter, dated December 7, claimed Barry had a romantic relationship for years with former Best Buy Senior Vice President Karl Sanft. She was appointed CFO and CEO in June in 2016.
Best Buy said on Friday the audit committee of the board has retained outside counsel, Sidley Austin LLP, to conduct the review against Ms Barry.
The company said it would not comment further until the investigation was concluded.
Best Buy, based in Richfield, Minnesota, said it hired an outside law firm to investigate the allegations.
In a statement, 24 Hour Fitness said: "We are aware of the news coverage of the Best Buy CEO probe that names Karl Sanft as part of the story".
Barry reportedly said in a statement that she would cooperate with the investigation.
Both Ms. Barry and Mr. Sanft joined Best Buy about 20 years ago and rose through the leadership ranks. Sanft on the other hand was the senior vice president of the U.S. retail operations till March 2019. Before taking over as CEO, she served as the company's chief financial and strategic transformation officer.
Best Buy is investigating claims that its CEO, Corie Barry, was involved in a romantic relationship with a fellow executive, the company confirmed to Business Insider on Friday.
The company's founder, Richard Schulze, stepped down as chairman in May 2012 after the board-supervised investigation found that Mr. Schulze didn't alert other directors that the CEO was allegedly having an inappropriate relationship with an employee.