Best Buy is tapping a veteran who joined the company in 1999 to lead a turnaround after four years of stalled sales. Jason Bonfig will become chief executive officer on Oct. 31, replacing Corie Barry.
Leadership change amid sluggish sales
Best Buy said Wednesday that Jason Bonfig will take over as chief executive officer on Oct. 31, replacing Corie Barry. The board also announced that Bonfig will join the retailer's board of directors when he becomes CEO.
David Kenny, chair of Best Buy's board of directors, said the company needs a leader who can move the business faster and bring fresh ideas. Kenny described Bonfig as the right choice to push the company toward growth and stronger returns for shareholders.
Bonfig's rise inside Best Buy
Bonfig, 49, is currently Best Buy's chief customer, product and fulfillment officer. He joined the company in 1999 as an inventory analyst and has climbed through merchandising, supply chain and e-commerce roles over more than two decades.
In his present role he manages a broad remit that includes merchandising, marketing, the supply chain, e-commerce operations and Best Buy's advertising arm, Best Buy Ads. He also helped launch the company's third-party marketplace in the U.S. in August, a move the company views as a way to boost sales and margins.
Those responsibilities align with the immediate challenges the retailer faces: reversing a multi-year run of weak sales and capturing more business as new generations of smartphones and laptops arrive with artificial intelligence features.
Financial backdrop and guidance
Best Buy has said sales have stalled over the last four years, citing a slower housing market, more price-conscious U.S. consumers and fewer big-ticket technology upgrades. Management warned some of those pressures are likely to persist this fiscal year. In early March the company provided modest fiscal guidance:
- Projected revenue: $41.2 billion to $42.1 billion (prior fiscal year: $41.69 billion)
- Adjusted EPS forecast: $6.30 to $6.60 (prior year adjusted EPS: $6.43)
- Comparable sales outlook: decline of 1% to increase of 1%
What the board is banking on
Kenny pointed to Bonfig's cross-functional experience as a reason for the appointment. He said the company needs urgency and innovation to create meaningful growth for the business and shareholders.
Bonfig's mix of responsibilities gives him direct control of areas where the board and investors expect improvements: product assortments, pricing strategies, customer experience and the advertising business, which can deliver higher-margin revenue. The third-party marketplace and Best Buy Ads are two levers the company has signalled it will press to lift sales and profits.
Investors have been watching how retailers move to monetise services around hardware — extended warranties, installation and subscription-based offerings — and how they combine those services with advertising revenue. Bonfig's current portfolio gives him authority over many of those threads.
Barry's tenure and transition role
Corie Barry, 51, became Best Buy's CEO in June 2019 and was the first woman to lead the company. She steered Best Buy through volatile years.
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Bonfig will become CEO on Oct. 31, join Best Buy's board, and Barry will serve as a strategic advisor for six months.
This article was created with AI assistance.
