Best Buy CEO to step down; successor named
Best Buy has named a company veteran as its next chief executive.
Corie Barry will step down from her roles as CEO of Best Buy and board member at the end of the company’s third quarter, on Oct. 31. She will be succeeded by Jason Bonfig, who joined the consumer electronics giant as an inventory analyst in 1999 and currently serves as its chief customer, product and fulfillment officer.
Barry and Bonfig, who will be the sixth CEO in Best Buy’s 60-year history, will continue to work closely over the coming months to ensure a smooth transition, the company said. Barry, who has led Best Buy since June 2019, will also remain as a strategic advisor for six months after she steps down as CEO. She is the second-longest tenured CEO in the company’s history,
The leadership change comes as Best Buy has been challenged with slumping sales for the past several years, which the company has attributed partially to declining consumer spending.
In his current role, Bonfig oversees the core elements of Best Buy’s business, including merchandising, e-commerce, marketing, supply chain, Best Buy Canada and Best Buy Ads, the company’s retail media network. Most recently, he led the creation of the company’s online marketplace in the U.S. and the scaling of its Best Buy Ads business, key components of the chain's growth strategy.
“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,” said David Kenny, board chair. “At the same time, this opportunity is only possible because of Corie’s extraordinary leadership over the past seven years. She guided Best Buy with a confident and steady hand and an unrelenting commitment to drive value for our employees, customers, partners and shareholders through some of the most tumultuous and uncertain times we have ever seen.”
In a press release announcing the change, Best Buy said that Bonfig’s selection was is the result of an extensive process conducted by the board that considered internal and external candidate.
“I look forward to working closely with our incredible teams as we lean on our values, culture and strategic advantages to grow our business and create exciting new opportunities for our company,” Bonfig said. “I am grateful for the support of the Board and want to express my admiration and appreciation for Corie, who has had a meaningful impact on me as a leader and helped create the strong, resilient company we are today.”
