Best Buy names Jason Bonfig CEO

The leadership transition at Best Buy comes as the electronics retailer seeks to reverse several years of stagnant sales growth.

Corie Barry, who led the company since 2019, will remain as a strategic adviser for six months to ensure a smooth handover.

Bonfig is expected to focus on leveraging AI-fueled innovation in consumer electronics and enhancing the company's fulfillment capabilities.

The move follows a period where Best Buy's stock significantly underperformed the broader market, leading to calls for a fresh strategic direction.