Best Buy appoints insider Jason Bonfig as CEO while Corie Barry plans an exit

Best Buy announced Wednesday that it is promoting a former executive to CEO as the consumer electronics retailer responds to changing demand and increasing competition in the retail sector.

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

The leadership transition comes at a time when 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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A 25-year business veteran, Bonfig has overseen key areas including merchandising, e-commerce, marketing and supply chain – functions central to the retailer’s performance.

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An employee holds a PlayStation 5 at a Best Buy store during Black Friday sales in Chicago, Illinois, on November 25, 2022. (Jim Vondruska/Reuters)

He has also helped drive initiatives aimed at increasing profitability, including the expansion of Best Buy Ads, the company’s retail media network, and the launch of an online marketplace in the US, both seen as core to the company’s 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 Chairman 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 demand spikes during the pandemic, supply chain challenges and changing consumer behavior. During her tenure, the company expanded its focus to include services, subscriptions and omnichannel retail.

Barry will continue in an advisory role for a further six months following the transition, signaling a structured transition of leadership.

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Best Buy reported fiscal 2026 revenue of nearly $41.7 billion and operates more than 1,000 stores in North America.