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Best Buy Appoints Jason Bonfig as New CEO Effective October 31

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Best Buy Announces New CEO, Jason Bonfig, to Take Over in 2025

Best Buy announced on Wednesday that Jason Bonfig will become the company's new Chief Executive Officer, effective October 31, 2025. He will succeed Corie Barry and become the retailer's sixth CEO. Bonfig will also join the company's board of directors.

Corie Barry will step down after nearly seven years as CEO. She will remain with the company as a strategic advisor for six months following the transition.

David Kenny, chair of Best Buy's board of directors, stated that Bonfig is "the right leader to accelerate the business, with urgency and innovative ideas, and create meaningful growth for the company and its shareholders."

About the New CEO

Bonfig, 49, is currently Best Buy's chief customer, product and fulfillment officer. He joined the company in 1999 as an inventory analyst, rising through the ranks over a 25-year career.

In his current role, Bonfig oversees merchandising, marketing, supply chain, e-commerce, and Best Buy Ads. He was involved in launching the company's U.S. third-party marketplace in August 2024.

The Company Context

The leadership change occurs as Best Buy seeks to return to sales growth. The company's sales have not shown significant growth over the past four years.

Best Buy has attributed the sales performance to factors including a slower housing market, price-conscious consumers, and a period of less technological innovation. The company stated some of these market conditions are expected to continue in the current fiscal year.

Financial Outlook

In early March, Best Buy provided financial guidance for the fiscal year:

  • It expects revenue between $41.2 billion and $42.1 billion, compared to $41.69 billion in the previous fiscal year.
  • It expects adjusted earnings per share between $6.30 and $6.60, compared to $6.43 last year.
  • It expects comparable sales, which track sales online and in stores open at least 14 months, to range from a 1% decline to a 1% increase.

Acknowledging the Outgoing CEO

Corie Barry became the first woman to lead Best Buy when she was appointed CEO in June 2019. Her tenure included the COVID-19 pandemic, supply chain challenges, high inflation, and changes to global tariffs.

David Kenny also stated that Corie Barry "guided Best Buy with a confident and steady hand and an unrelenting commitment to drive value for our employees, customers, partners and shareholders through some of the most tumultuous and uncertain times we have ever seen."