Best Buy Chief Executive Officer Corie Barry (left) with Chief Customer, Product and Fulfillment Officer Jason Bonfig (right). Bonfig has been selected to be the next CEO at Best Buy. (Credit: Best Buy) (Best Buy / Supplied)
RICHFIELD, Minn. (FOX 9) - Best Buy announced Wednesday that Jason Bonfig will become the company’s next chief executive officer, succeeding current CEO Corie Barry, who plans to step down at the end of October.
Best Buy names next CEO
The backstory:
Best Buy, which is headquartered in Richfield, said Barry will leave her roles as CEO and board member on Oct. 31, marking the end of a seven-year tenure leading the company. Bonfig, who currently serves as chief customer, product and fulfillment officer, will take over the position and join the company’s board at that time, according to a press release.
The Board of Directors selected Bonfig after an extensive process that considered both internal and external candidates. He will become the sixth CEO in Best Buy's 60-year history.
What they're saying:
"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, in the release.
Bonfig currently oversees merchandising, e-commerce, marketing, supply chain, Best Buy Canada and Best Buy Ads, the company's retail media network. He recently led the creation of the company's online marketplace in the U.S. and the scaling of its Best Buy Ads business.
"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.
Barry, who became CEO in 2019, is the second-longest tenured CEO in Best Buy's history. She led the company through external challenges while managing more than 80,000 employees, according to the release.
"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."
What's next:
After stepping down, Barry will remain involved as a strategic advisor for six months. The company said the pair will work closely together over the next several months to ensure a smooth transition.
The Source: This story uses information from a Best Buy press release.