Corie Barry stepped down as Best Buy’s CEO on Tuesday, ending a seven-year run that saw the electronics chain surge through the pandemic only to settle into flat sales and a stock that lagged far behind the market. Jason Bonfig, a 27-year company veteran, takes over on Oct. 31. The switch comes as revenue hovers around $41.7 billion—below Barry’s 2019 goal of $50 billion by 2025—and comparable sales guide for -1% to +1% in fiscal 2027. Shares dropped 4.6% to $63.53 that day, underperforming the S&P 500’s 157% gain during her tenure while Best Buy’s rose just 6%.Fortune
Barry joined Best Buy in 1999, same year as Bonfig. She rose to chief financial officer, then strategic transformation officer under Hubert Joly, who orchestrated the chain’s escape from near-obsolescence against Amazon and defunct rivals like Circuit City. Named CEO in June 2019, Barry inherited a revitalized model. Then Covid hit. Sales jumped 21% to $51.8 billion in fiscal 2021 as lockdowns drove laptop and home-entertainment buys. She rolled out curbside pickup, managed supply snarls, and kept stores partially open. The board praised her for guiding through ‘many external challenges.’Best Buy Corporate
Boom faded fast. Post-pandemic, demand normalized. Electronics makers stalled innovation amid chip shortages. Revenue slid: $46.4 billion in 2023, $43.6 billion in 2024, $41.5 billion in 2025, $41.7 billion in 2026. Q4 comparable sales fell 0.8%. Guidance signals no snapback—$41.2 billion to $42.1 billion for 2027. Tariffs hammered imports; nearly all products come from abroad. Inflation and high interest rates curbed big-ticket buys like TVs and appliances. Stock flat year-to-date, down in 14 of 16 quarters.Best Buy Investors
Barry shone on costs. Layoffs trimmed store staff as e-commerce grew. Margins held; Q4 adjusted operating income rate hit 5%, beating expectations despite revenue miss at $13.8 billion. She launched Best Buy Ads, a retail media network, and an online marketplace—high-margin bets. Health ventures flopped, prompting write-downs. ‘I am so proud of what Best Buy has accomplished,’ she said, adding Bonfig has ‘the right vision to accelerate the company’s strategy.’Retail Dive
Critics wanted more spark. Stores feel ‘largely uninspiring,’ said Neil Saunders of GlobalData. Best Buy dabbled in furniture but skipped bolder moves. Jefferies analysts credited Barry for pushing retail media and marketplace but eyed Bonfig’s hands-on role. Revenue lower now than her start. Barry leaves as competent operator. Not transformer.
Bonfig started as inventory analyst. Now oversees merchandising, e-commerce, marketing, supply chain, Best Buy Canada, and Ads. He built the U.S. marketplace, launched last August, and scaled advertising using shopper data like Amazon. ‘Deep knowledge of Best Buy’s customers,’ the board said. David Kenny, chair, called him the leader for ‘urgency and innovative ideas’ to spark growth. Bonfig: ‘Lean on our values, culture and strategic advantages.’ He’ll advise with Barry for six months.Reuters
And AI glimmers. Barry noted pandemic pulled demand forward with scant innovation for years. Now? ‘AI brings the industry back… lots of innovation in lots of different categories,’ she said, citing Ray-Ban Meta glasses. Momentum in computing, eight quarters strong; mobile phones, four. But consumers replace slowly. Tariffs linger. Memory costs bite.Yahoo Finance
So Bonfig inherits stability. No outsider shock. Sector sees churn—Coca-Cola, Walmart shifted C-suites. Kimberly Forrest of Bokeh Capital: Barry handled Covid; Bonfig eyes AI age. FY27 adjusted EPS $6.30-$6.60. Dividend up 1% to $0.96. Buybacks: $300 million, mostly Q4. Over 1,000 stores, 80,000 employees. Purpose: enrich lives through tech.
Challenges stack. Discretionary spending soft. E-commerce rivals squeeze. Marketplace and ads must deliver. Stores need draw. Bonfig’s playbook: execute on traffic monetization, supply fixes, omnichannel. Barry’s exit marks pandemic chapter close. Steady hand in. Growth? That’s the test.
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