Best Buy announced on Wednesday that the company’s first female CEO, Corie Barry, will step down, with company veteran Jason Bonfig set to replace her on October 31.
Barry will remain as a strategic advisor for six months after leaving the CEO position.
Bonfig, 49, currently holds the position of chief customer, product, and fulfillment officer. He has advanced within the company since starting as an inventory analyst in 1999.
Barry is the second-longest tenured CEO in Best Buy’s history.
In a press release Barry told investors, “I am so proud of what Best Buy has accomplished for our employees, customers and shareholders, and the opportunities we’ve had to genuinely make people’s lives better. I’ve worked closely with Jason for many years and can confidently say he’s the right person, with the right vision, to accelerate the company’s strategy and take Best Buy into the future.”
“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 David Kenny, Chair of the Best Buy Board of Directors. “At the same time, this opportunity is only possible because of Corie’s extraordinary leadership over the past seven years. She 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.”
“I am deeply honored to take on this role. 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.”
The leadership change comes amid a four-year period of lagging sales, which Best Buy attributes to a slower housing market, price-sensitive U.S. consumers, and reduced tech innovation.
By CEO NA Editorial Staff
