Best Buy $BBY's board of directors has selected Jason Bonfig to serve as the company's next CEO, succeeding Corie Barry when she steps down Oct. 31.
Jason Bonfig, a 26-year company veteran, will take over in the fall as Best Buy works to turn around stagnant sales growth
Patrick T. Fallon / Getty Images
Best Buy $BBY's board of directors has selected Jason Bonfig to serve as the company's next CEO, succeeding Corie Barry when she steps down Oct. 31.
At 49, Bonfig holds the title of chief customer, product and fulfillment officer. His nearly three-decade tenure with the company began in 1999 in an inventory analyst role, and the transition will make him Best Buy's sixth chief executive. He will also join the board at the time of the transition, the company said.
Barry, 51, will remain as a strategic advisor for six months after stepping down. She became Best Buy's first female CEO in June 2019 and is the company's second-longest tenured CEO, the company said. During her time at the helm, Barry navigated the company through the Covid pandemic, global supply-chain strain, a prolonged period of elevated inflation, and a steep round of tariffs imposed by President Donald Trump.
His current portfolio spans merchandising, marketing, e-commerce, supply chain, Best Buy Canada, and the company's retail media arm, Best Buy Ads. Among his accomplishments, Bonfig spearheaded the launch of Best Buy's U.S. third-party online marketplace and helped grow its advertising business, the company said.
David Kenny, who chairs Best Buy's board of directors, said in a statement: "As a Board, we are confident that Jason is the right leader to accelerate the business, with urgency and innovative ideas, and create meaningful growth for the company and its shareholders."
The leadership change comes as Best Buy works to return to sales growth. Sluggish revenue has been a persistent challenge, with CNBC noting that Best Buy has pointed to a soft housing market, budget-minded shoppers, and a lack of breakthrough technology as the primary culprits behind four years of underwhelming performance. Guidance issued in early March projects fiscal 2027 revenue landing somewhere between $41.2 billion and $42.1 billion against last year's $41.69 billion result, with comparable-store sales forecast to come in anywhere from down 1% to up 1%.
Tuesday's closing price for Best Buy shares was $66.59, reflecting a gain of roughly 7% over the preceding 12 months.
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