US Stocks: Best Buy taps insider Bonfig to succeed veteran Barry as CEO amid demand slowdown

Best Buy on Wednesday named insider Jason Bonfig as CEO, replacing longtime executive Corie Barry, in ‌a leadership change ⁠that ⁠comes as the U.S. retailer grapples with weak consumer demand and tariff-related supply-chain pressures.

The company, which operates ​more than 1,000 stores across North America, has been working to revive growth by expanding online ​sales, services and advertising as competition intensifies across the sector.

As the company's chief customer, product and fulfillment officer, Bonfig has been overseeing many of these initiatives, along with ​the company's Canadian business and its retail media unit, ⁠Best Buy ‌Ads.


He most recently led the launch of Best Buy's ​online marketplace in ​the U.S. and the expansion of its advertising business, much like ⁠Amazon and Walmart, as retailers look to leverage their own ​customer data to attract brands.

"As a board, we are ​confident that Jason is the right leader to accelerate the business," board chair David Kenny said in a statement.

Best Buy had seen a boost in demand during the COVID-19 pandemic, but it tapered off as consumer sentiment for big-ticket items such as televisions, computers and appliances weakened due to inflation and higher borrowing ‌costs.

The CEO change at Best Buy is the latest in a string of C-suite changes over the past year at consumer goods companies and retailers, including Coca-Cola, Procter & ⁠Gamble and Walmart.

Barry, a nearly three-decade Best Buy veteran, who became the retailer's first female CEO in 2019, will remain a strategic adviser for six months after stepping down ​at the end of October.

Shares of the company were down 4% in early trading.

"Barry turned the company around during a challenging time- Covid! But it looks like Bonfig wants to position the company for the AI age," said Kimberly Forrest, chief investment officer at Bokeh Capital Partners.