Best Buy is lining up a big change at the top of its Richfield headquarters: Chief Executive Officer Corie Barry will step down at the end of the retailer's third quarter on Oct. 31, 2026, and longtime company executive Jason Bonfig has been tapped as her successor. Barry, who took over as CEO in 2019, will stay on as a strategic adviser for six months after she leaves the post, giving the Minnesota-based chain a long runway for the transition.
Transition Details
Best Buy said its board selected Bonfig to succeed Barry and that he will join the board when he becomes CEO. The company set Barry's departure for Oct. 31, 2026, with Bonfig taking the helm on Nov. 1. The board described the handoff as an orderly succession after weighing both internal and external candidates, and additional details are laid out in a U.S. Securities and Exchange Commission filing.
How Barry Built and Recalibrated Best Buy
Barry has steered the Richfield-based chain through pandemic-driven demand swings and pushed Best Buy into new categories such as furniture and health-care services, moves the Minneapolis/St. Paul Business Journal has chronicled. Her tenure also included store consolidation and sharp job cuts. The Star Tribune reports that Best Buy's U.S. store count dropped by roughly 100 locations and its headcount fell by about 43,000. Company leaders say recent spending on refreshed stores, advertising and marketplace growth is meant to stabilize sales and set up the next chapter of growth.
Who Is Jason Bonfig
Bonfig is a company lifer who joined Best Buy as an inventory analyst in 1999 and worked his way up to Senior Executive Vice President and Chief Customer, Product and Fulfillment Officer. In that role he oversees merchandising, e-commerce, the supply chain, Best Buy Canada and the retailer's advertising business. In the company announcement he said he was "deeply honored" to take on the CEO job and praised Barry's leadership. The board cited his operational experience and vendor relationships as central to its decision.
Local and Market Stakes
The transition carries weight in Minnesota. Best Buy's corporate campus in Richfield is a major employer and a fixture of the state's corporate landscape. The shift at the top comes as the retailer continues to face pressure from online competitors and changing consumer habits. The Star Tribune notes that Best Buy has not yet fully returned to its pre-pandemic revenue levels, even as certain product cycles and promotions have given results a lift. Employees, suppliers and investors will be watching to see whether an internal handoff helps speed a return to steadier growth.
What Comes Next
Bonfig is set to be appointed CEO and director effective Nov. 1, 2026. Barry will step down on Oct. 31 and then serve as a strategic adviser for six months, with her employment letter and the transition agreement filed as exhibits to the company's U.S. Securities and Exchange Commission Form 8‑K. The board says the phased handoff will let Barry and Bonfig work together in the coming months to keep Best Buy's stores and services on a steady course. Investors and employees will be looking closely at how that plan plays out, and the market will ultimately weigh in on whether continuity at the top delivers the results they are hoping for.
