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(Bloomberg) — Best Buy Co. Inc.’s Chief Customer, Product and Fulfillment Officer Jason Bonfig will become the sixth chief executive officer in the electronic retailer’s 60-year history succeeding Corie Barry.
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Bonfig, who starts in his new role on Oct. 31, takes over after pandemic-fueled splurging on electronics and home appliances eased.
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Best Buy shares fell 3.1% at 8:24 a.m. in Wednesday premarket trading.
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After starting as an inventory analyst in 1999, Bonfig currently oversees a number of core business functions, including merchandising, e-commerce, marketing and supply chain, as well as Best Buy Canada and the company’s retail media network.
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The company’s stores have also been “largely uninspiring spaces” that don’t drive “casual browsing,” wrote Neil Saunders, managing director of GlobalData, in a note to clients.
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“Rather than rethinking how it approaches the market, Best Buy has dabbled in adding non-electronics categories like furniture to the store,” he added.
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Recently, the Nintendo Switch 2 and a new replacement cycle have been bright spots for the company, fueling sales growth at the retailer.
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Barry, the second-longest tenured CEO in the company’s history, has been in the role for about seven years and has lead the company “through some of the most tumultuous and uncertain times we have ever seen,” said Board Chair David Kenny in a statement.
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Barry steps down from her roles as both CEO and a member of the board at the end of the third quarter. Bonfig will join the board at that time.
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