Best Buy CEO to step down in October, with successor already tapped

The CEO of Twin Cities-based electronics retailer Best Buy will step down later this year, and the company has already named her successor.

Best Buy announced Wednesday that Corie Barry will leave her role on Oct. 31. Jason Bonfig, currently the retailer's chief customer, product and fulfillment officer, will take over at that time.

"I am so proud of what Best Buy has accomplished for our employees, customers and shareholders, and the opportunities we've had to genuinely make people's lives better," Barry said. "I've worked closely with Jason for many years and can confidently say he's the right person, with the right vision, to accelerate the company's strategy and take Best Buy into the future."

Headquartered in Richfield, Minnesota, Best Buy has more than 1,000 stores nationwide and about 80,000 employees.

Bonfig has been with the company since 1999.

"I am deeply honored to take on this role. I look forward to working closely with our incredible teams as we lean on our values, culture and strategic advantages to grow our business and create exciting new opportunities for our company," Bonfig said. "I am grateful for the support of the Board and want to express my admiration and appreciation for Corie, who has had a meaningful impact on me as a leader and helped create the strong, resilient company we are today."  

In its most recent financial results, Best Buy reported "better-than-expected profitability," but a year-over-year decline in comparable sales. Barry said the results showed "slightly softer customer demand for our industry during the holiday quarter."