Overview
- Best Buy, which announced the change Wednesday, said Bonfig will take over Oct. 31 and Barry will stay on as a strategic adviser for six months while he also joins the board.
- Bonfig is a 27‑year company veteran who now leads merchandising, marketing, e‑commerce, supply chain, Best Buy Canada and the retail media unit Best Buy Ads, and he helped launch the U.S. third‑party online marketplace.
- The succession comes after several years of weak sales trends, with guidance from March calling for $41.2 billion to $42.1 billion in revenue, adjusted EPS of $6.30 to $6.60, and comparable sales ranging from down 1% to up 1%.
- Investor caution has grown, with Goldman Sachs downgrading the stock to sell this month and flagging pressure from higher memory costs and softer appliance and electronics sales versus rivals like Home Depot and Lowe’s.
- Barry, Best Buy’s first female CEO since 2019, steered the retailer through the pandemic and supply‑chain shocks, and the company now counts more than 1,000 stores and about 80,000 employees across North America.