Best Buy CEO Corie Barry to step down in October as sales stagnate

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4.23.2026

Quick Facts

Best Buy CEO Corie Barry will step down October 31, 2026, after seven years leading the electronics retailer
Jason Bonfig, a 27-year Best Buy veteran, will replace Barry and join the board of directors
Best Buy stock fell 4.6% following the announcement as the company faces sluggish sales and market challenges

Best Buy announced April 22 that CEO Corie Barry will step down October 31, 2026, to be succeeded by Jason Bonfig, the company’s current Chief Customer, Product and Fulfillment Officer.

Barry became Best Buy’s first female CEO in 2019 and was the youngest CEO of a Fortune 100 company at the time. She will remain as a strategic advisor for six months after stepping down.

Bonfig, 49, joined Best Buy as an inventory analyst in 1999 and rose through the ranks over his 27-year tenure. He currently oversees merchandising, marketing, supply chain, e-commerce, Best Buy Canada, and Best Buy Ads. He will also join the company’s board of directors.

The leadership change comes as Best Buy faces persistent sales challenges. Revenue for fiscal 2026 was $41.691 billion, a 0.39% increase year-over-year, but remains lower than when Barry started as CEO. Same-store sales declined 0.8% in the fourth quarter.

Best Buy expects revenue between $41.2 billion and $42.1 billion for fiscal 2027, with comparable sales ranging from negative 1% to positive 1%. The company has struggled with a slower housing market, price-conscious consumers, and limited tech innovation.

Best Buy stock fell 4.6% on Wednesday following the announcement. The stock hit an all-time high of $138 in November 2021 but closed at $66.59 on Tuesday. Trading volume surged 71.93% to $310 million.

Barry noted the company is seeing momentum as AI creates new product categories. “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,” Barry said.

Jefferies analysts praised Barry for directing resources toward profit engines like retail media and marketplace. Best Buy Ads generates about $900 million annually, and the recently launched third-party marketplace reached roughly $300 million in domestic gross merchandise value.

However, Neil Saunders of GlobalData criticized Best Buy stores as “largely uninspiring spaces” that invite only “casual browsing.” Goldman Sachs downgraded the stock from buy to sell in April.

The appointment emphasizes continuity in merchandising, digital growth, and services. Market reaction suggests concerns that minor improvements may not address structural challenges in the consumer electronics market.