Best Buy taps insider Bonfig to succeed veteran Barry as CEO amid demand slowdown

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

Best Buy on Wednesday named insider Jason Bonfig as CEO, replacing longtime executive Corie Barry, in a leadership change that comes as the U.S. retailer grapples with weak consumer demand and tariff‑related supply‑chain pressures.

The company, which operates more than 1,000 stores across North America, has been working to revive growth by expanding online sales, services and advertising as competition intensifies across the sector.

As the company’s chief customer, product and fulfillment officer, Bonfig has been overseeing many of these initiatives, along with the company’s Canadian business and its retail media unit, Best Buy Ads.

He most recently led the launch of Best Buy’s online marketplace in the U.S. and the expansion of its advertising business, much like Amazon and Walmart, as retailers look to leverage their own customer data to attract brands.

Best Buy had seen a boost in demand during the COVID-19 pandemic, but it tapered off as consumer sentiment for big-ticket items such as televisions, computers and appliances weakened due to inflation and higher borrowing costs.

The company’s sales have dropped in 14 of the past 16 quarters and the stock has lost about 15 per cent of its value since April 2 last year when President Donald Trump’s sweeping tariffs came into effect. In the same period, the benchmark S&P 500 index has gained about 25 per cent.

“The share price has not recovered since its 52-week high at $85 in late October 2025, which we think is related to the changing competitive landscape and AI memory chip shortages directly impacting the consumer electronics offered,” CFRA analyst Ken Leon said.

BARRY TO BE STRATEGIC ADVISER

Barry, a nearly three-decade Best Buy veteran who became the retailer’s first female CEO in 2019, will remain a strategic adviser for six months after stepping down at the end of October.

Shares of the company were down 4.7 per cent in morning trading.

The CEO change at Best Buy is the latest in a string of C-suite changes over the past year at consumer goods companies and retailers, including Coca-Cola KO.N, Procter & Gamble and Walmart.

“Barry turned the company around during a challenging time- Covid! But it looks like Bonfig wants to position the company for the AI age,” said Kimberly Forrest, chief investment officer at Bokeh Capital Partners.

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