Best Buy (NYSE: BBY) CFO Matt Bilunas to depart ahead of CEO transition
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Best Buy Co., Inc. announced a planned chief financial officer transition. Matt Bilunas, Senior Executive Vice President, Chief Financial Officer and Enterprise Strategy, will depart the company effective July 31, 2026 after 20 years with Best Buy and seven years as CFO.
The company has engaged an external search firm and expects to appoint a successor with prior CFO experience to partner with incoming CEO Jason Bonfig, who is slated to become CEO on November 1, 2026. Current CEO Corie Barry, a former CFO, may provide financial oversight during the transition.
Best Buy highlights Bilunas’s role in navigating challenging environments and shaping strategy, noting his responsibilities spanned finance, enterprise strategy, procurement, financial services, real estate and omnichannel operations. As context, Best Buy generated $41.7 billion of revenue in fiscal 2026, operates more than 1,000 North American stores, and employs over 80,000 people.
Positive
- None.
Negative
- Best Buy faces overlapping transitions with its long-tenured Chief Financial Officer departing on July 31, 2026 and a new CEO taking over on November 1, 2026, which concentrates leadership change and may introduce execution risk around strategy and financial oversight.
Insights
Best Buy plans an orderly CFO handoff alongside an upcoming CEO change.
Best Buy disclosed that longtime CFO Matt Bilunas will depart on July 31, 2026, shortly before Jason Bonfig becomes CEO on November 1, 2026. The company has hired an external search firm and seeks a successor with prior CFO experience.
This creates a concentrated leadership transition at the top of finance and overall management. However, continuity is supported by current CEO Corie Barry, who previously served as CFO and may oversee finance during the interim, and by Bilunas’s structured separation under existing compensation plans.
From an investor perspective, this is a governance and execution story rather than a financial one. The filing emphasizes that Bilunas helped navigate recent challenging environments and that leadership sees the company as well positioned, but the real significance will depend on who is selected as the next CFO and how smoothly the handoff proceeds.
8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
CFO departure date: July 31, 2026
CEO transition date: November 1, 2026
Fiscal 2026 revenue: $41.7 billion
+4 more
7 metrics
CFO departure date
July 31, 2026
Effective date of Matt Bilunas’s departure as CFO
CEO transition date
November 1, 2026
Date Jason Bonfig is expected to assume CEO role
Fiscal 2026 revenue
$41.7 billion
Best Buy revenue in fiscal 2026
Retail store count
More than 1,000 stores
Retail locations in North America
Employee count
More than 80,000 employees
Total workforce size
Tenure at Best Buy
20 years
Matt Bilunas’s total time with the company
Tenure as CFO
Seven years
Time Bilunas served as Chief Financial Officer
Key Terms
Chief Financial Officer, forward-looking statements, Private Securities Litigation Reform Act of 1995, Risk Factors, +1 more
5 terms
Chief Financial Officer financial
"Best Buy Announces Chief Financial Officer Transition Matt Bilunas to step down"
A Chief Financial Officer (CFO) is the person in charge of a company's money and financial planning. They decide how to spend, save, and invest funds to help the company grow and stay stable. Their role is important because good financial decisions keep the company healthy and successful.
forward-looking statements regulatory
"This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Private Securities Litigation Reform Act of 1995 regulatory
"forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995"
Risk Factors regulatory
"Readers should review Item 1A, Risk Factors, of our most recent Annual Report on Form 10-K"
Risk factors are elements or conditions that could cause an investment's value to decrease or lead to potential losses. They are like warning signs or obstacles that can affect the success of an investment, making it uncertain or more unpredictable. Recognizing risk factors helps investors understand the possible challenges and make more informed decisions.
circular economy other
"the significant role we play in the circular economy through repair, trade-in and recycling programs"
A circular economy is a way of designing and using products so that materials are reused, repaired, or recycled rather than discarded as waste. It mimics natural systems where resources are continually reused, reducing environmental impact and conserving resources. For investors, it represents an opportunity to support sustainable businesses that focus on efficiency and long-term resource management.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 19, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | ||||
Registrant’s telephone number, including area code (612 ) 291-1000
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Best Buy Co., Inc. (the “Company” or “registrant”) announced that Matt Bilunas, the Company’s Senior Executive Vice President, Chief Financial Officer and Enterprise Strategy, will depart the Company effective July 31, 2026. Following his departure, Mr. Bilunas will receive separation benefits in accordance with the Company’s ERISA plan as described under “Executive and Director Compensation—Potential Payments Upon Termination or Change of Control” in the Company’s Definitive Proxy Statement filed with the Securities and Exchange Commission on April 30, 2026.
A press release announcing the matter described above is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
The following are filed as Exhibits to this Current Report on Form 8-K.
| Exhibit No. | Description of Exhibit | |||||||
99.1 | News release issued June 22, 2026. Any internet address provided in this release is for information purposes only and is not intended to be a hyperlink. Accordingly, no information at any internet address is included herein. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BEST BUY CO., INC. | ||||||||
| (Registrant) | ||||||||
| Date: June 22, 2026 | By: | /s/ TODD G. HARTMAN | ||||||
| Todd G. Hartman | ||||||||
| Executive Vice President, Chief Legal and Risk Officer and Secretary | ||||||||
Exhibit 99.1
Best Buy Announces Chief Financial Officer Transition
Matt Bilunas to step down on July 31 after 20 years with the company,
including seven as CFO
including seven as CFO
Company is conducting an external search for a successor to partner with incoming CEO Jason Bonfig
MINNEAPOLIS, June 22, 2026 – Best Buy Co., Inc. (NYSE: BBY) today announced that Matt Bilunas will step down as Chief Financial Officer and depart the company at the end of July.
Best Buy has engaged an external search firm for its next chief financial officer and expects to name a successor with previous CFO experience. Current CEO Corie Barry, who previously served as CFO, will provide financial oversight during the transition if needed.
"I am truly honored to have been part of this great company and grateful to those who have made a lasting impact on my life and career. I am proud of what we have accomplished together, and even more proud of the people and teams I have had the privilege to work alongside,” said Bilunas. “Best Buy is well positioned for the future, and I have tremendous confidence in Jason and the next generation of leaders who will continue to build on the momentum we’ve created.”
Bilunas served as CFO for the last seven years, working hand in hand with Barry and Bonfig to navigate a range of challenging environments to help generate the momentum driving Best Buy and its business today.
"We wouldn't be where we are today, or have such confidence in the future ahead of us, without Matt,” said Bonfig. “He helped build Best Buy in invaluable ways, and I'm genuinely grateful for everything he has contributed and everything I've learned from him over the years.”
“The past seven years have been exciting, challenging, unpredictable and meaningful, and I truly believe we wouldn't have navigated them as well as we did if it weren't for Matt,” said Barry. “His impact on this company will last for years to come; not only because of his financial leadership, but because of the way he has developed talent and helped shape our strategy. His impact on me personally will last a lifetime.”
Bilunas joined Best Buy in July 2006 as a Territory Finance Director. During his tenure, he held numerous finance roles across the company, including Senior Vice President of Enterprise Finance, before assuming the CFO role in 2019. Most recently, Bilunas was responsible for finance, enterprise strategy, procurement, financial services, real estate and omnichannel operations.
Bonfig will become the company’s sixth CEO when he officially takes over the role on November 1, 2026. He recently unveiled the four priorities Best Buy will focus on to grow the business: Advancing Best Buy as a Retail, Media and Advertising, and Technology company; Expanding and growing our reach; Elevating the Best Buy experience; and being a human-powered, customer-focused company.
About Best Buy
Best Buy (NYSE: BBY) is the world's largest specialty consumer electronics retailer. Our purpose is to enrich lives through technology, which we do by providing our customers a unique mix of advice, products and services in our stores, online, and in homes. Our expert associates advise customers on our curated assortment of the latest, name-brand technology, while our highly trained services teams help with designs, consultations, delivery, installation, tech support and repair. We are a leader in corporate responsibility and sustainability issues, including through the Best Buy Foundation's nationwide Best Buy Teen Tech Center® network and the significant role we play in the circular economy through repair, trade-in and recycling programs. We generated $41.7 billion of revenue in fiscal 2026, operate more than 1,000 retail stores in North America, and have more than 80,000 employees. For more information, visit corporate.bestbuy.com and investors.bestbuy.com.
Forward-Looking and Cautionary Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by the fact that they use words such as "anticipate," "appear," "approximate," "assume," "believe," "continue," "could," "estimate," "expect," "foresee," "guidance," "intend," "may," "might," "outlook," "plan,"
"possible," "project" "seek," "should," "would," and other words and terms of similar meaning or the negatives thereof. Such statements reflect our current views and estimates with respect to the Company’s positioning and our ability to create meaningful growth for the company and its shareholders and our opportunities. These statements involve a number of judgments and are subject to certain risks and uncertainties, many of which are outside the control of the Company, that could cause actual results to differ materially from the potential results discussed in such forward-looking statements. Readers should review Item 1A, Risk Factors, of our most recent Annual Report on Form 10-K, and any updated information in subsequent Quarterly Reports on Form 10-Q, for a description of important factors that could cause our actual results to differ materially from those contemplated by the forward-looking statements made in this release. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: macroeconomic pressures in the markets in which we operate (including but not limited to real GDP growth, inflation, recession, consumer confidence, employment levels, effects of the government closures, cost of living, uncertainty over the availability of government benefits, tax rates, availability of consumer financing, interest rates, housing market conditions, foreign currency exchange rates, the price of oil, gas and other commodities and other macroeconomic trends); geopolitical pressures (including issues related to trade policies, tariff increases and/or volatility and geopolitical instability); catastrophic events, health crises and pandemics; susceptibility of the products we sell to technological advancements, product life cycle fluctuations and changes in consumer preferences; competition (including from multi-channel retailers, e-commerce business, technology service providers, traditional store-based retailers, vendors and mobile network carriers, in the provision of delivery speed and options and with the strategic use of artificial intelligence); our ability to attract and retain qualified employees and changes in market compensation rates; our focus on services as a strategic priority; our reliance on key vendors and mobile network carriers (including product availability); our ability to maintain positive brand perception and recognition; our ability to effectively identify, manage and execute enterprise-wide strategies, such as strategic ventures, alliances or acquisitions; our ability to effectively manage our infrastructure, real estate portfolio and market segmentation strategy; interruptions and other factors affecting our supply chain (impacting our stores or other aspects of our operations); our utilization of third-party vendors for certain aspects of our operations; risks associated with the products we sell, including those products sold on our Marketplace platforms and products under our exclusive brand labels; our reliance on our information technology systems, internet and telecommunications access and capabilities; our ability to prevent or effectively respond to a cyber-attack, privacy or security breach; and statutory, regulatory and legal developments (including statutes and/or regulations related to tax or privacy). We caution that the foregoing list of important factors is not complete. Any forward-looking statements speak only as of the date they are made and we assume no obligation to update any forward-looking statement that we may make.
Investor Contact:
Mollie O'Brien
mollie.obrien@bestbuy.com
Media Contact:
Carly Charlson
carly.charlson@bestbuy.com
FAQ
When is Best Buy (BBY) Chief Financial Officer Matt Bilunas leaving the company?
Matt Bilunas will depart Best Buy as Chief Financial Officer effective July 31, 2026. He leaves after 20 years with the company and seven years as CFO, with separation benefits provided under the company’s ERISA plan outlined in its April 30, 2026 proxy statement.
How is Best Buy (BBY) planning to replace its departing CFO?
Best Buy has engaged an external search firm to find its next Chief Financial Officer. The company expects to appoint a successor who already has CFO experience and notes that current CEO and former CFO Corie Barry can provide financial oversight during the transition if needed.
Who will the new Best Buy (BBY) CFO be working with as CEO?
The new Best Buy CFO is expected to partner with incoming CEO Jason Bonfig. Bonfig will become the company’s sixth CEO when he officially assumes the role on November 1, 2026, after recently outlining four strategic priorities to drive the company’s future growth.
What experience does Matt Bilunas have at Best Buy (BBY)?
Matt Bilunas joined Best Buy in July 2006 as a Territory Finance Director and held multiple senior finance roles. He became CFO in 2019 and most recently oversaw finance, enterprise strategy, procurement, financial services, real estate and omnichannel operations during several challenging operating environments.
How large is Best Buy’s (BBY) business according to this disclosure?
Best Buy reports generating $41.7 billion of revenue in fiscal 2026, operating more than 1,000 retail stores in North America, and employing over 80,000 people. It describes itself as the world’s largest specialty consumer electronics retailer with a broad mix of technology products and services.
What strategic focus did incoming Best Buy (BBY) CEO Jason Bonfig outline?
Jason Bonfig highlighted four priorities: advancing Best Buy as a retail, media, advertising and technology company, expanding and growing its reach, elevating the customer experience, and emphasizing a human-powered, customer-focused approach to support future business growth across channels and services.