CEO of Richfield, Minnesota-based Best Buy is stepping down

Corrie Barry has been Best Buy's CEO since 2019 and will leave her role as CEO and member of the Board on October 31.

Jason Bonfig, who serves as the company's Chief Customer, Product and Fulfillment Officer, will take over as CEO.

“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. “I am grateful for the support of the Board and want to express my admiration and appreciation for Corie, who has had a meaningful impact on me as a leader and helped create the strong, resilient company we are today.”

The company announced Barry and Bonfig will continue to work closely over the coming months to ensure a smooth transition. Barry will also remain as a strategic advisor for six months after she steps down as CEO.

“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. “At the same time, this opportunity is only possible because of Corie’s extraordinary leadership over the past seven years. She guided Best Buy with a confident and steady hand and an unrelenting commitment to drive value for our employees, customers, partners and shareholders through some of the most tumultuous and uncertain times we have ever seen.”

According to the Minnesota Star Tribune, Best Buy’s U.S. store count has declined by about 100 locations, and its workforce has shrunk by roughly 43,000 employees during Barry's tenure as CEO.