Best Buy Names Jason Bonfig New CEO on October 31

Best Buy, the major consumer electronics retailer, announced Wednesday that Jason Bonfig, its longtime chief customer, product and fulfillment officer, will become chief executive on October 31, succeeding Corie Barry after her seven-year tenure.

The transition, which positions Bonfig as only the sixth CEO in the company's 60-year history, comes amid efforts to revitalize sales in a challenging retail environment marked by shifting consumer habits and economic pressures. Bonfig, 49, joined Best Buy in 1999 as an inventory analyst and has risen through roles overseeing merchandising, e-commerce, marketing, supply chain operations and the company's advertising platform, Best Buy Ads. He also led the recent launch of an online marketplace for third-party sellers in the United States, initiatives seen as vital to expanding beyond traditional hardware sales into higher-margin services and subscriptions.

Barry, 51, who became Best Buy's first female CEO in June 2019, will step down from her role and board seat on October 31 but remain as a strategic advisor for six months to support a smooth handoff. During her leadership, she navigated the company through the COVID-19 pandemic's...