Best Buy CEO Corie Barry to Step Down

A long-running insider is about to take the top job at Best Buy—and inherit a growth problem. The electronics chain said Wednesday that CEO Corie Barry will leave at the end of October, capping a five-year run marked by a pandemic-fueled boom followed by sluggish sales and underperforming stock. Barry, 51, who became chief executive in 2019 and steered the company through the COVID-era demand for home tech, will stay on as an adviser for six months, reports the Wall Street Journal. Her tenure also included a board investigation into an alleged relationship with a senior executive; the board kept her in place and never released its findings.

Replacing her is Jason Bonfig, 49, a Best Buy veteran who started as an inventory analyst in 1999 and now oversees customers, products, fulfillment, e-commerce, and the retailer's growing advertising business. He'll join the board when he becomes the company's sixth CEO, notes CNBC. While Barry's time at the helm saw the stock rise just over 6%—far behind the S&P 500's 157% gain—Best Buy is now leaning on online sales and ad revenue to revive momentum. The company forecasts flat to slightly higher comparable sales this year and total revenue up marginally to as much as $42.1 billion, even as analysts flag risks from rising tech-component costs tied to AI demand.