Best Buy named Jason Bonfig as its next CEO on Wednesday, replacing Corie Barry effective October 31. Bonfig, 49, has been with the company for 27 years, starting as an inventory analyst in 1999.
Best Buy $BBY named Jason Bonfig its next CEO, replacing Corie Barry after she steps down on Oct. 31. Bonfig, a 25-year company veteran who currently oversees merchandising, ecommerce, marketing, supply chain and retail media, will become just the sixth CEO in Best Buy’s history. pic.twitter.com/EPPrT9oyhT
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He currently serves as Chief Customer, Product and Fulfillment Officer. In that role, he oversees merchandising, marketing, e-commerce, supply chain, and Best Buy Ads.
Bonfig will become the sixth CEO in Best Buy’s 60-year history. He will also join the company’s board of directors.
Barry, 51, became Best Buy’s first female CEO in June 2019. She navigated the company through the Covid pandemic, supply chain disruptions, high inflation, and rising tariffs.
Board Chair David Kenny said Barry “guided Best Buy with a confident and steady hand” through some of the most difficult conditions the company has faced.
Barry will remain as a strategic advisor for six months after stepping down. The company said the two will work closely to ensure a smooth transition.
The announcement comes at a tough time for the retailer. BBY stock closed Tuesday at $66.59, nearly the same price as when Barry took over in 2019, when it stood at $65.52.
Revenue in the latest quarter fell 1% year-over-year to $13.81 billion, missing analyst estimates of $13.88 billion. Comparable sales dropped 0.8% in the quarter and rose only 0.5% for the full fiscal year.
Best Buy has pointed to a slower housing market, cautious consumers, and tariff pressure as headwinds. For the current fiscal year, the company is guiding for revenue between $41.2 billion and $42.1 billion, roughly flat with last year’s $41.69 billion.
Adjusted EPS is expected to come in between $6.30 and $6.60, compared to $6.43 last year. Comparable sales are forecast to range from down 1% to up 1%.
Goldman Sachs downgraded BBY from buy to sell earlier this month. Analyst Kate McShane flagged that rising memory costs could push up laptop prices, pressuring margins.
She also noted that Best Buy’s appliance and electronics sales have lagged behind rivals. Home Depot and Lowe’s have posted stronger trends in similar categories.
McShane said the company may see a short-term lift from higher tax refunds in Q1, but expects pressure to build through the rest of the year.
On TipRanks, BBY carries a Hold consensus based on 4 Buy, 7 Hold, and 2 Sell ratings. The consensus price target sits at $72, implying around 8% upside from Tuesday’s close.
Bonfig recently led the launch of Best Buy’s third-party online marketplace in the U.S. and has been scaling its retail media business, Best Buy Ads.
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