By Kit Norton
Best Buy is shaking things up at the top. Rather, gently stirring things up.
The retailer on Wednesday said that Jason Bonfig will be the retailer's next CEO, succeeding Corie Barry when she steps down on Oct. 31. Bonfig comes from within the company. He currently serves as chief customer, product and fulfillment officer and has been with the company since 1999.
He will be Best Buy's sixth CEO in the company's 60-year history. Barry held the position since June 2019. She won't leave entirely, either: Barry will remain at Best Buy as a strategic advisor for six months after she steps down.
It's possible the stock is down because Wall Street wanted an outsider to take the role. Shares are down 4.5% at $63.58 in Wednesday trading. The S&P 500 and the Dow Jones Industrial Average are up 0.9% and 0.8% today, respectively.
The stock has dropped more than 50% from their highs set in late 2021. Best Buy has experienced stunted sales growth in recent years as inflation, reduced consumer purchasing power, and high-interest rates have pressured discretionary spending. Best Buy has also cited a lack of technological creativity at the company as a reason for slowing sales growth.
Best Buy at the beginning of March said it expects revenue to range between $41.2 billion and $42.1 billion in the current fiscal year, compared with $41.69 billion last fiscal year. The retailer also forecasts earnings of $6.30 a share to $6.60 a share in fiscal 2027, compared with $6.43 a share last fiscal year.
The company added that comparable sales will range from a decline of 1% to an increase of 1%.
Whether Bonfig can right the ship is a debate for the stock. Bonfig currently oversees merchandising, e-commerce, marketing, supply chains, and the company's retail media network. Best Buy said Wednesday that Bonfig also has "invaluable relationships with the world's most prominent technology companies."
Write to Kit Norton at kit.norton@barrons.com
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(END) Dow Jones Newswires
April 22, 2026 10:45 ET (14:45 GMT)
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