Best Buy Taps Insider Jason Bonfig as Next CEO in Smooth Handover

Best Buy Co. Inc. (NYSE: BBY) revealed Tuesday that Jason Bonfig will succeed Corie Barry as chief executive officer, with Barry departing her CEO and board roles at the end of the third quarter on October 31, 2026. Bonfig, currently senior executive vice president overseeing merchandising, e-commerce, marketing, supply chain, Best Buy Canada and Best Buy Ads, assumes the top post November 1 and joins the board concurrently.[1][2][3] Barry, who has led since 2020, will serve as a strategic advisor for six months post-transition.[1][3] The appointment marks an orderly internal succession for the Richfield, Minnesota-headquartered electronics giant, positioning Bonfig—its sixth CEO in 60 years—as the leader of core operations already under his purview.[1][2] Bonfig's compensation package includes a $1.25 million annual base salary, a short-term incentive target of 190% of base salary, and a long-term incentive target of $10.125 million starting in fiscal 2028. He also receives a fiscal 2027 true-up equity award valued at $1.781 million, split evenly between performance and restricted shares.[3] Barry's advisory role carries a $1 million base salary with pro-rated bonus eligibility.[3] Best Buy's board conducted an extensive process to select Bonfig, emphasizing continuity during a retail landscape reshaped by digital sales and consumer demand fluctuations.[1][2] Under Barry, the company navigated pandemic-driven surges in online shopping and supply chain strains, bolstering its retail media network and Canadian operations—areas Bonfig has directly managed.[1] The transition arrives as Best Buy adapts to e-commerce growth and merchandising innovation, with Bonfig's expertise in these domains seen as critical for future competitiveness.[2] Enhanced severance terms for Bonfig in change-of-control scenarios, including two times salary plus target bonus, align with practices at major public firms and tie to involuntary termination.[3] Investors await how Bonfig will build on recent fiscal gains amid broader retail transformation.