Electronics retailer Best Buy (BBY) has named company insider Jason Bonfig as its new chief executive officer (CEO) effective on Oct. 31 of this year.
Bonfig replaces current CEO Corie Barry, who has led Best Buy since 2019 and navigated the company through the Covid-19 pandemic when many of its stores were forced to close.
The leadership transition comes as Best Buy attempts to revive growth after a prolonged slump following the pandemic as households manage inflation and higher interest rates.
Retailers such as Procter & Gamble (PG) and Walmart (WMT) have seen multiple senior executive changes over the past year as they deal with a fickle consumer environment and manage tariffs on many of their products.
Corie Barry will remain at Best Buy as a strategic adviser for six months after stepping down at the end of the company’s fiscal third quarter.
Bonfig is currently the electronics retailer’s chief customer officer and will assume the CEO role and join the board of directors at the end of October, said Best Buy.
BBY stock has declined 43% over the past five years to trade at $66.59 U.S. per share.
Related Stories
