By Savyata Mishra and Juveria Tabassum
April 22 (Reuters) - Best Buy on Wednesday named insider Jason Bonfig as CEO, replacing longtime executive Corie Barry, in a leadership change that comes as the U.S. retailer grapples with weak consumer demand and tariff‑related supply‑chain pressures.
The company, which operates more than 1,000 stores across North America, has been working to revive growth by expanding online sales, services and advertising as competition intensifies across the sector.
As the
company's chief customer, product and fulfillment officer, Bonfig has been overseeing many of these initiatives, along with the company's Canadian business and its retail media unit, Best Buy Ads.
He most recently led the launch of Best Buy's online marketplace in the U.S. and the expansion of its advertising business, much like Amazon and Walmart, as retailers look to leverage their own customer data to attract brands.
"As a board, we are confident that Jason is the right leader to accelerate the business," board chair David Kenny said in a statement.
Best Buy had seen a boost in demand during the COVID-19 pandemic, but it tapered off as consumer sentiment for big-ticket items such as televisions, computers and appliances weakened due to inflation and higher borrowing costs.
The CEO change at Best Buy is the latest in a string of C-suite changes over the past year at consumer goods companies and retailers, including Coca-Cola, Procter & Gamble and Walmart.
Barry, a nearly three-decade Best Buy veteran, who became the retailer's first female CEO in 2019, will remain a strategic adviser for six months after stepping down at the end of October.
Shares of the company were down 5% in premarket trading, reversing early gains following the announcement of the leadership change.
"Barrie turned the company around during a challenging time- Covid! But it looks like Bonfig wants to position the company for the AI age," said Kimberly Forrest, chief investment officer at Bokeh Capital Partners.
(Reporting by Juveria Tabassum and Savyata Mishra in Bengaluru; Editing by Tasim Zahid and Arun Koyyur)
