Best Buy Will Have a New Boss Later This Year

Best Buy Co. Inc. (Richfield, Minn.) announced that its board has selected Jason Bonfig to succeed Corie Barry as its next CEO. Bonfig, who joined the electronics retailer as an inventory analyst in 1999 and is currently Chief Customer, Product and Fulfillment Officer, will assume the top post at the end of BB’s third quarter (Oct. 31).

In its coverage of the news, The Wall Street Journal notes that the change comes “after the electronics retailer has reported years of tepid sales growth that weighed on its stock.”

Bonfig’s appointment as the sixth CEO in the company’s 60-year history is the result of an extensive process conducted by the board that considered internal and external candidates, the company said in a news release. Barry and Bonfig will continue to work closely over the coming months to ensure a smooth transition. Barry will also remain as a strategic advisor for six months after she steps down as CEO.

“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 board Chair David Kenny.

“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.”

Best Buy’s operations include 1000-plus retail stores in North America.