Best Buy CEO Corie Barry to step down

Best Buy announced on Wednesday that it is promoting a longtime executive to chief executive as the consumer electronics retailer navigates shifting demand and intensifying competition across the retail sector.

The company said that Jason Bonfig — currently its chief customer, product and fulfillment officer — will become CEO on Oct. 31, succeeding Corie Barry, who plans to step down after seven years in the role. Bonfig will become just the sixth CEO in Best Buy’s roughly 60-year history.

The leadership transition comes as Best Buy and its peers face pressure from e-commerce competitors, changing consumer spending patterns and the need to expand beyond traditional hardware sales into higher-margin businesses.

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Bonfig, a 25-year company veteran, has overseen key areas including merchandising, e-commerce, marketing and supply chain – functions central to the retailer’s performance.

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He has also helped drive initiatives aimed at boosting profitability, including the expansion of Best Buy Ads, the company’s retail media network, and the launch of an online marketplace in the U.S., both viewed as core to its long-term 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,” Best Buy board Chair David Kenny said in a statement.

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Barry, who became the company’s first female CEO in 2019, led Best Buy through pandemic-era demand surges, supply chain challenges and shifting consumer behavior. During her tenure, the company expanded its focus on services, subscriptions and omnichannel retail.