Best Buy Co., Inc. announced that its Board selected Jason Bonfig as the next Chief Executive Officer. He currently serves as Chief Customer, Product and Fulfillment Officer at the company. Corie Barry will step down as CEO and Board member at the end of Q3. Her departure will take effect on October 31 this year. Meanwhile, Bonfig will join the Board at that time.
The Board conducted an extensive process to select the new CEO. It evaluated both internal and external candidates carefully during the process. Bonfig will become the sixth CEO in the company’s 60-year history. Barry and Bonfig will work closely to ensure a smooth leadership transition. Additionally, Barry will serve as a strategic advisor for six months after stepping down.
“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.”
Business Leadership and Strategic Growth
Bonfig oversees core business functions including merchandising, ecommerce, marketing, and supply chain operations. He also leads Best Buy Canada and Best Buy Ads, the company’s retail media network. Recently, he launched the company’s online Marketplace in the United States. He also scaled the Best Buy Ads business as part of the growth strategy.
Bonfig holds strong influence within the consumer electronics industry. He understands customer needs deeply and aligns them with company strategy. And he joined Best Buy in 1999 as an inventory analyst. Since then, he built strong relationships with leading global technology companies. He also influenced product innovation and features customers rely on today.
Barry served as the second-longest tenured CEO in Best Buy’s history. She guided the company through major external challenges with strong leadership. And also she improved customer experience and strengthened business operations significantly. And she also built a culture of belonging across the organization. The company achieved record-high engagement among more than 80,000 employees.
“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,” Barry said. “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.”
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Source: Businesswire
