Jason Bonfig to replace Corie Barry as Best Buy (NYSE: BBY) CEO
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Best Buy Co., Inc. announced a planned CEO transition, with current Chief Executive Officer Corie Barry stepping down and leaving the Board at the end of Q3 on October 31, 2026. Jason Bonfig, currently Senior Executive Vice President overseeing merchandising, e-commerce, marketing, supply chain, Best Buy Canada and Best Buy Ads, will become CEO and join the Board effective November 1, 2026.
Bonfig’s new employment terms include a $1,250,000 annual base salary, a short-term incentive target of 190% of base salary while serving as CEO, and a long-term incentive award target of $10,125,000 starting in fiscal 2028. For the remainder of fiscal 2027, he will receive a true-up equity award with a target value of $1,781,250, split equally between performance shares and restricted shares. Barry will remain as a strategic advisor for six months after stepping down, with a reduced base salary of $1,000,000 and continued eligibility for a pro-rated bonus and executive-level benefits during the transition.
Positive
- None.
Negative
- None.
Insights
Planned internal CEO succession with detailed pay and transition terms is strategically important but not clearly positive or negative.
Best Buy is executing an orderly CEO succession, moving from Corie Barry to long-time executive Jason Bonfig effective November 1, 2026. The transition follows an extensive Board process and keeps leadership within a veteran insider who already oversees core commercial and digital operations.
The company outlines a clear compensation structure for Bonfig, including a $1,250,000 base salary, a 190% short-term incentive target while CEO, and a long-term incentive target of $10,125,000 beginning in fiscal 2028. These figures align his pay heavily with performance-based and equity-based metrics.
Barry’s six-month advisory role at a reduced $1,000,000 salary and continued bonus eligibility supports continuity during the handover. Enhanced severance for Bonfig in a change-of-control scenario, including two times salary plus target bonus, is standard for large public companies and is explicitly tied to involuntary termination triggers.
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
Jason Bonfig CEO base salary: $1,250,000 per year
Short-term incentive target: 190% of base salary
Long-term incentive target: $10,125,000
+5 more
8 metrics
Jason Bonfig CEO base salary
$1,250,000 per year
Annual base salary while serving as Chief Executive Officer
Short-term incentive target
190% of base salary
Target bonus for the portion of the year Bonfig is CEO
Long-term incentive target
$10,125,000
Target annual long-term incentive award starting in fiscal 2028
True-up equity award
$1,781,250
Fiscal 2027 equity true-up, 50% performance shares and 50% restricted shares
Barry transition base salary
$1,000,000 per year
Annual base salary during six-month strategic advisor period
Change-of-control severance multiple
2x salary plus target bonus
Bonfig enhanced severance on qualifying termination within 12 months of change of control
Fiscal 2026 revenue
$41.7 billion
Company revenue in fiscal 2026
Employees
More than 80,000
Number of employees as described in company overview
Key Terms
short-term incentive award, long-term incentive award, change of control, severance, +2 more
6 terms
short-term incentive award financial
"his annual short-term incentive award target will increase to 190% of base salary"
long-term incentive award financial
"Commencing in fiscal 2028, his long-term incentive award will have a target value of $10,125,000."
change of control financial
"upon involuntary termination without cause or voluntary termination for good reason on or within 12 months following a change of control"
A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.
severance financial
"will remain entitled to participate in the Best Buy severance plan and will be eligible for the same severance pay"
Severance is the payment and benefits an employer provides to an employee when their job ends, acting like a short-term financial safety net or final paycheck plus extras such as healthcare continuation or stock vesting. Investors care because severance obligations are real costs and potential liabilities that can reduce cash, affect reported profits, and signal how a company handles leadership changes or downsizing, which can influence future performance and shareholder value.
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.
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.
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) April 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) On April 22, 2026, Best Buy Co., Inc. (“Best Buy” or the “registrant”) announced a succession plan for Corie Barry’s planned departure from the position of Chief Executive Officer, and as a member of the registrant’s Board of Directors (the “Board”), effective at the end of the day on October 31, 2026.
(c), (d) Best Buy announced that Jason Bonfig, Best Buy’s Senior Executive Vice President, Customer Offering, Fulfillment and Best Buy Canada, was appointed on April 19, 2026, as Chief Executive Officer and as a director on the Board, in each case effective November 1, 2026. Mr. Bonfig, age 49, has held his current position since 2021. In this role, he oversees all elements of merchandising, e-commerce, supply chain and marketing, including Best Buy’s retail media network, Best Buy Ads. He also oversees the Best Buy Canada business and leads Best Buy’s Exclusive Brands private-label team. Mr. Bonfig has served in merchant roles for Best Buy for over 25 years, working in and leading some of the most complex product categories. Prior to his current role, Mr. Bonfig served in the positions of chief category officer – computing, mobile, gaming, exclusive brands, printing, wearables and accessories from 2018 to 2019; and senior vice president – computing, mobile, tablets, wearables, printing and accessories from 2014 to 2018. Mr. Bonfig has also held merchant-related roles since joining Best Buy in 1999. There are no arrangements or understandings between Mr. Bonfig and any other person pursuant to which Mr. Bonfig was appointed to serve as an officer or director, and Mr. Bonfig does not have any family relationships with any director or executive officer of the Company. Other than the disclosure set forth under “Certain Relationships and Related Party Transactions—Jason Bonfig” in our Definitive Proxy Statement filed with the Securities and Exchange Commission on May 1, 2025, which disclosure is incorporated herein by reference, there are no transactions or relationships between the registrant and Mr. Bonfig that are reportable under Item 404(a) of Regulation S-K.
In connection with the succession outlined above, Best Buy entered into an employment letter agreement with Mr. Bonfig. Pursuant to the terms of the letter agreement, Mr. Bonfig’s annual base salary will increase to $1,250,000 and his annual short-term incentive award target will increase to 190% of base salary for the portion of the year he holds the position of Chief Executive Officer. Commencing in fiscal 2028, his long-term incentive award will have a target value of $10,125,000. For the balance of fiscal 2027, he will receive a true-up equity award with a target value of $1,781,250, reflecting one-fourth of this incremental annual value above his prior long-term incentive awards for fiscal 2027. The true-up award will be comprised of 50% of the value in performance shares and 50% in restricted shares, consistent with the fiscal 2027 annual awards. The letter agreement also provides that the Board will nominate Mr. Bonfig for re-election to the Board during the term of his employment agreement.
Mr. Bonfig will remain entitled to participate in the Best Buy severance plan and will be eligible for the same severance pay if he were to be involuntarily terminated without cause or were to voluntarily terminate his employment for good reason. Additionally, upon involuntary termination without cause or voluntary termination for good reason on or within 12 months following a change of control, Mr. Bonfig will be eligible for enhanced severance equal to (a) two times the sum of base salary plus target bonus and (b) a pro-rata annual bonus payment, depending on actual performance under Best Buy’s short-term incentive plan for the fiscal year in which the termination occurs. The initial term of Mr. Bonfig’s letter agreement is three years, and the term will automatically renew for successive 12-month periods unless either Best Buy or Mr. Bonfig gives at least 60 days advance notice of non-renewal.
Best Buy also entered into a transition letter agreement with Ms. Barry. Pursuant to the letter agreement, Ms. Barry will remain employed by Best Buy as a strategic advisor in a non-executive officer role for six months following her departure as Chief Executive Officer to support the leadership transition. Her annual base salary will decrease to $1,000,000, she will remain eligible for a pro-rated payout of her short-term incentive award for the portion of fiscal 2027 in which she served as Chief Executive Officer and she will remain eligible for executive-level employee benefits during this transition period.
The letter agreements with Mr. Bonfig and Ms. Barry are attached hereto as Exhibits 10.1 and 10.2, respectively. A press release announcing the CEO succession changes described above is attached hereto as Exhibit 99.1.
2
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 | |||||||
10.1 | Employment Letter Agreement, dated April 21, 2026, between Jason Bonfig and Best Buy Co., Inc. | |||||||
10.2 | Transition Letter Agreement, dated April 21, 2026, between Corie Barry and Best Buy Co., Inc. | |||||||
99.1 | News release issued April 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). | |||||||
3
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: April 21, 2026 | By: | /s/ TODD G. HARTMAN | ||||||
| Todd G. Hartman | ||||||||
| Executive Vice President, Chief Legal and Risk Officer and Secretary | ||||||||
4
Exhibit 99.1
Best Buy Announces Chief Executive Officer Succession Plans
Jason Bonfig to succeed Corie Barry as Chief Executive Officer, following her planned departure at the end of Q3
MINNEAPOLIS, April 22, 2026 – Best Buy Co., Inc. (NYSE: BBY) today announced that its Board of Directors has selected Jason Bonfig, the company’s Chief Customer, Product and Fulfillment Officer, to succeed Corie Barry as the next Chief Executive Officer at Best Buy. Barry will step down from her roles as CEO and member of the Board at the end of Q3 on Oct. 31 of this year. Bonfig will also join the Board at that time.
Bonfig’s appointment as the sixth CEO in the company’s 60-year history is the result of an extensive process conducted by the Board that considered internal and external candidates. Barry and Bonfig will continue to work closely over the coming months to ensure a smooth transition. Barry will also remain as a strategic advisor for six months after she steps down as CEO.
“As a Board, we are confident that Jason is the right leader to accelerate the business, with urgency and innovative ideas, and create meaningful growth for the company and its shareholders,” said David Kenny, Chair of the Best Buy Board of Directors. “At the same time, this opportunity is only possible because of Corie’s extraordinary leadership over the past seven years. She guided Best Buy with a confident and steady hand and an unrelenting commitment to drive value for our employees, customers, partners and shareholders through some of the most tumultuous and uncertain times we have ever seen.”
“I am deeply honored to take on this role. I look forward to working closely with our incredible teams as we lean on our values, culture and strategic advantages to grow our business and create exciting new opportunities for our company,” Bonfig said. “I am grateful for the support of the Board and want to express my admiration and appreciation for Corie, who has had a meaningful impact on me as a leader and helped create the strong, resilient company we are today.”
Bonfig currently oversees the core elements of Best Buy’s business, including merchandising, ecommerce, marketing, supply chain, Best Buy Canada and Best Buy Ads, the company’s retail media network. Most recently, he led the creation of the company’s online Marketplace in the U.S. and the scaling of its Best Buy Ads business, key components of Best Buy’s growth strategy.
Bonfig’s significant influence within the consumer electronics industry, paired with his deep knowledge and understanding of Best Buy’s customers, seamlessly align with the company’s strategy. Since joining the company as an inventory analyst in 1999, he has developed invaluable relationships with the world’s most prominent technology companies, and over the years has greatly influenced the products and features that customers love and rely on today.
Barry, the second-longest tenured CEO in Best Buy’s history, skillfully guided the company through many external challenges by managing the business with unmatched expertise, creating excellent customer experiences, and building a culture of belonging with record-high engagement scores among Best Buy’s more than 80,000 employees.
“I am so proud of what Best Buy has accomplished for our employees, customers and shareholders, and the opportunities we’ve had to genuinely make people’s lives better,” Barry said. “I’ve worked closely with Jason for many years and can confidently say he’s the right person, with the right vision, to accelerate the company’s strategy and take Best Buy into the future.”
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 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 routes, political instability and divisiveness, the potential implementation of more restrictive trade policies, tariff increases and/or volatility, the realignment of alliances or the renegotiation of existing trade agreements); 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; statutory, regulatory and legal developments
(including statutes and/or regulations related to tax or privacy); evolving corporate governance and public disclosure regulations and expectations (including, but not limited to, cybersecurity and corporate responsibility and sustainability matters); risks arising from our international activities (including fluctuations in foreign currency exchange rates); failure to meet any financial performance guidance or other forward-looking statements; failure to effectively manage our costs; our dependence on cash flows and net earnings generated during the fourth fiscal quarter; economic or regulatory developments that might affect our ability to provide attractive promotional financing; constraints in the banking and capital markets; and changes in our credit ratings. 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 will Best Buy (BBY) change CEOs from Corie Barry to Jason Bonfig?
Best Buy plans its CEO transition at the end of Q3 2026. Corie Barry will step down as CEO and Board member on October 31, 2026, and Jason Bonfig will become Chief Executive Officer and join the Board effective November 1, 2026, ensuring continuity.
Who is Jason Bonfig, the next CEO of Best Buy (BBY)?
Jason Bonfig is a long-time Best Buy executive who joined in 1999. He currently oversees merchandising, ecommerce, marketing, supply chain, Best Buy Canada and Best Buy Ads. The Board selected him as the next CEO after an extensive process evaluating internal and external candidates.
What are Jason Bonfig’s compensation terms as Best Buy (BBY) CEO?
As CEO, Jason Bonfig will receive a $1,250,000 annual base salary and a short-term incentive target equal to 190% of base salary. Starting in fiscal 2028, his long-term incentive target is $10,125,000, plus a fiscal 2027 true-up equity award valued at $1,781,250.
What transition role will outgoing Best Buy (BBY) CEO Corie Barry have?
After stepping down on October 31, 2026, Corie Barry will serve as a strategic advisor for six months. During this period, her annual base salary drops to $1,000,000, she remains eligible for a pro-rated short-term incentive payout and retains executive-level employee benefits.
Does Best Buy (BBY) provide change-of-control protection for new CEO Jason Bonfig?
Yes. If Jason Bonfig is involuntarily terminated without cause or leaves for good reason within 12 months after a change of control, he is eligible for enhanced severance equal to two times base salary plus target bonus, plus a pro-rata bonus based on actual performance.
How large is Best Buy (BBY) based on this CEO succession announcement?
The company describes itself as the world’s largest specialty consumer electronics retailer. It reports $41.7 billion in fiscal 2026 revenue, operates more than 1,000 retail stores in North America, and employs more than 80,000 people across its operations.