MINNEAPOLIS, April 22, 2026, 07:12 (CDT)
Best Buy announced Wednesday that CEO Corie Barry plans to step down as of Oct. 31. Jason Bonfig, a long-time company executive who currently serves as chief customer, product and fulfillment officer, will step in as chief executive the following day, Nov. 1, and join the board at that time. The move comes as the electronics retailer looks to jumpstart growth after an extended period of sluggish sales.
Timing is a key factor here. Best Buy has been feeling the slowdown after the surge in pandemic-driven demand, and shoppers have stayed wary about spending on more expensive tech. Back in March, the company told investors it sees fiscal 2027 comparable sales — that’s sales from stores already open plus online — landing somewhere between down 1% and up 1%. Reuters noted the shift is happening as consumer companies and retailers, Walmart among them, shuffle their executive ranks.
Barry, who has served as CEO since 2019, plans to step down from the board upon her departure and will shift into a strategic adviser role for six months. Best Buy’s board considered both internal and external options ahead of landing on Bonfig, a move that signals continuity rather than any dramatic strategy overhaul.
Bonfig comes from within. He’s been at Best Buy since 1999, starting out as an inventory analyst. Now, he’s responsible for a broad swath: merchandising, e-commerce, marketing, supply chain, Best Buy Canada, and Best Buy Ads—the retailer’s advertising arm. Bonfig was also behind the rollout of the U.S. online marketplace for third-party sellers.
Chair David Kenny called Jason “the right leader to accelerate the business, with urgency and innovative ideas.” Bonfig described himself as “deeply honored” to step into the position. Barry pointed to his “right vision” to drive the strategy. Best Buy Corporate News and Information
Barry’s seven years at the helm saw Best Buy ride out the pandemic’s buying boom, then wrestle with supply-chain snags and a sluggish period that followed. Her exit, as reported by The Wall Street Journal, comes after a stretch of lackluster growth. The Minnesota Star Tribune pointed out that the company had been banking on customers cycling out old tech, just as AI started to shift what shoppers are looking for in electronics.
The squeeze was evident in Best Buy’s quarterly numbers. Comparable sales slipped 0.8% in the fourth quarter, with tepid demand for home theater gear and appliances dragging results. Computing and mobile phones did a bit better. Looking ahead, Best Buy expects to post fiscal 2027 revenue between $41.2 billion and $42.1 billion and sees adjusted earnings in the range of $6.30 to $6.60 per share.
This context might shed light on the board’s decision to stick with an internal candidate. Last month, Reuters noted that emerging segments like Best Buy Ads and the marketplace have helped shore up profitability. Still, according to CFRA Research analyst Ana Garcia, the quarter reflected both “operational resilience” and “mounting headwinds” as Best Buy headed toward fiscal 2027. Reuters
Bonfig faces familiar headwinds. Last month, Barry pointed to higher memory component demand fueling both cost pressures and spotty supply. Best Buy also flagged ongoing uncertainty, sticking to its outlook for a challenging macro backdrop this year. A continued pullback from shoppers on nonessentials could push the hoped-for rebound further out.
Shares of Best Buy slipped roughly 0.5% ahead of Thursday’s opening bell, with pricing at 6:54 a.m. CDT, market data showed. The retailer reported $41.7 billion in revenue for fiscal 2026 and employs over 80,000 across North America.
