Best Buy names longtime insider Jason Bonfig CEO amid sales slump

Best Buy chose a 27-year company veteran to take over at a moment when sales remain under pressure, signaling that the board wanted an operator who already knows the machine. Jason Bonfig will succeed Corie Barry as CEO on Oct. 31, 2026, after an extensive succession process that considered both internal and external candidates.

Barry will step down as CEO and leave the board at the end of the third quarter, then stay on as a strategic adviser for six months. Bonfig will join the board when he becomes chief executive. Best Buy described him as the sixth CEO in its 60-year history, a short list that underscores how carefully the company is trying to manage this transition.

Bonfig’s path matters here. He joined Best Buy in 1999 as an inventory analyst and now oversees merchandising, ecommerce, marketing, supply chain, Best Buy Canada and Best Buy Ads. He also led the launch of the retailer’s U.S. online marketplace and the expansion of its retail media business. That mix of store operations, digital commerce and supply chain work is exactly the resume a board reaches for when it thinks a retailer needs steadier execution more than a dramatic reset.

The timing reflects the pressure around the business. Reuters reported that Best Buy’s sales fell in 14 of the past 16 quarters and that the stock had lost about 15% of its value since April 2, 2025, when President Donald Trump’s sweeping tariffs took effect. Shares were down 4.7% in morning trading on the day of the announcement. CNBC reported that Barry had been CEO since 2019 and was the second-longest tenured chief executive in Best Buy history after founder Dick Schulze.

For Home Depot associates and managers, the signal is less about executive turnover than about what large retailers now reward. When growth slows, boards tend to favor leaders who can keep inventory disciplined, protect margins and move digital initiatives into daily operations without shaking the store floor. Bonfig’s background suggests continuity, but also a demand for faster fulfillment, tighter merchandising and a clearer path back to growth.

That is a familiar pressure point at Home Depot too. The company reported on Feb. 24, 2026, that fourth-quarter fiscal 2025 sales were $38.2 billion, down 3.8% from a year earlier, even as comparable sales rose 0.4% and U.S. comparable sales rose 0.3%. For fiscal 2025, sales reached $164.7 billion, up 3.2%, with comparable sales up 0.3% and U.S. comparable sales up 0.5%. Ted Decker said the results reflected consumer uncertainty and pressure in housing, while underlying demand stayed relatively stable after adjusting for storms.

Home Depot has leaned more on professional contractors, builders and carpenters to offset softer DIY remodel demand, and it launched an AI-powered tool for pro customers in November to help track material lists and project cost estimates. That is the kind of shift Best Buy’s move reinforces: in a slower market, the strongest retailers are the ones whose leaders can keep the floor calm, the numbers tight and the operating model moving.