Best Buy names Jason Bonfig CEO

The leadership change at the electronics giant comes as Best Buy struggles to find growth in a post-pandemic retail environment.

Bonfig, who previously served as the company's chief customer and product officer, is seen as a 'merchandising expert' who can navigate the rapidly evolving tech landscape.

Corie Barry, who led the company through the COVID-19 era, will remain as a strategic adviser for six months to ensure a smooth transition.

Investors are hoping the new leadership will accelerate Best Buy's push into services and high-growth areas like health technology and premium home theater installations.