Best Buy announced that Jason Bonfig, a 27-year company veteran, will become only its sixth chief executive officer on October 31, succeeding Corie Barry. Bonfig currently serves as senior executive vice president and chief customer, product, and fulfillment officer, overseeing merchandising, ecommerce, marketing, supply chain, Best Buy Canada, and the retail media business Best Buy Ads, and he led the launch of the U.S. third-party marketplace. Barry, who has led the company for more than seven years, said she wants to ensure a proper transition and is working side by side with Bonfig until the handover. Evercore ISI analyst Greg Melich noted that sales comparisons will get harder in June and July due to last year’s Switch 2 launch, a strong early back-to-school season, and a Windows 10 computing pull, but appliance initiatives, an industry-wide RGB TV launch where Best Buy is the only national retailer carrying it for roughly a year, and a favorable inventory cost position should keep the retailer competitive. Shares of Best Buy rose 3.2% in Monday afternoon trading.
Best Buy Co. IncBest Buy names new CEO, shares rose 3.2% on the announcement.
Evercore Partners Inc