Best Buy taps insider Bonfig to succeed veteran Barry as CEO

A BestBuy sign in Oakland, Calif., Friday, Feb. 28, 2025. (AP Photo/Godofredo A. Vásquez)

April 22 (Reuters) - Electronics retailer Best Buy BBY.N said on Wednesday Jason Bonfig will replace Corie Barry as its new CEO from October 31.

The leadership change comes as Best Buy attempts to revive growth after a prolonged slowdown in consumer electronics demand as households grapple with inflation and higher interest rates.

Consumer goods companies and retailers, including Coca-Cola KO.N, Procter & Gamble PG.N and Walmart WMT.O, have seen a string of C-suite changes over the past year as they deal with shifting consumer environment and supply chain challenges due to geopolitical unrest.

Barry, who has led Best Buy since 2019, will remain a strategic adviser to the company for six months after stepping down at the end of the company’s third quarter.

Bonfig, currently the company’s chief customer, product and fulfillment officer, will assume the role and join the board at the same time, Best Buy said.

Shares of the company rose about 2% in premarket trading.

Reporting by Juveria Tabassum and Savyata Mishra in Bengaluru; Editing by Tasim Zahid and Arun Koyyur