Nike and Best Buy have each announced CFO transitions, bringing new executives into roles that will shape capital allocation, strategy and long-term planning at both companies.
Here’s a closer look at the changes underway at each company.
Nike Names Former Pfizer CFO David M. Denton as Incoming CFO
Nike, Inc. announced June 23 that David M. Denton will join the company as EVP and CFO, effective Aug. 17. Matthew Friend will step down as EVP and CFO at that time and remain with the company through Sept. 4 to support the transition. Friend will participate in the company’s fourth quarter fiscal 2026 earnings call on June 30, as planned.
Denton will lead Nike’s global finance organization, working alongside President and CEO Elliott Hill and the senior leadership team on execution, capital allocation and long-term value creation.
“Dave is a proven public-company CFO who knows how to help great consumer brands operate with discipline and invest to win,” Hill said in a statement. “We’re focused on doing what Nike does best: serving athletes, leading with sport and building the most innovative products in the world. Dave’s experience, judgment and operating rigor will help us execute against these priorities with consistency and build on the progress underway.”
Denton joins Nike from Pfizer, Inc., where he served as CFO and executive vice president since May 2022. He brings more than 30 years of finance and operating leadership experience across global public companies. Before Pfizer, Denton was CFO and executive vice president of Lowe’s Companies, Inc. from 2018 to 2022, overseeing finance, strategy and other enterprise functions. Earlier, he spent two decades at CVS Health Corporation, including a stint as executive vice president and CFO.
Denton also brings public company governance experience, having served on the boards of Haleon from 2023 to 2024 and Tapestry from 2014 to 2023. He is expected to serve on the board of Honeywell Aerospace following its planned spin-off from Honeywell.
“Nike is one of the world’s great brands, with extraordinary strengths in sport, innovation and global scale,” Denton said. “I’m excited to partner with Elliott and the leadership team to support the company’s priorities, invest with discipline and help deliver sustainable long-term value as Nike continues to lead with sport and serve athletes around the world.”
Hill framed the move as a logical next step for the company as Nike moves from foundational steps to sustained growth in its turnaround efforts.
“I’d like to thank Matt for his many contributions to Nike over the years,” Hill said. “He has dedicated a significant part of his career to this company and has been a valued colleague and partner to many across Nike. We are grateful for his service, appreciate his commitment to ensuring a seamless transition and wish him all the best in his next chapter.”
Denton’s pay package includes an annual base salary of $1.45 million, a target annual bonus equal to 120 percent of that salary prorated for fiscal year 2027 and an annual target long term incentive award worth $11.5 million, according to documents filed with the SEC. That incentive award is split across performance-based restricted stock units, stock options and standard restricted stock units.
Nike also noted that it will report fourth quarter and fiscal year 2026 results June 30. The company said results will include a benefit from tariff refunds that was not contemplated in its previously provided guidance. Excluding that one-time benefit, fourth quarter results are expected to be generally in line with prior guidance.
Best Buy CFO Matt Bilunas to Depart After Seven Years in the Role
Best Buy announced June 22 that Matt Bilunas will step down as CFO and leave the company at the end of July after 20 years with the retailer, including seven as its top finance executive. The company has engaged an external search firm to find a successor with prior CFO experience.
Current CEO Corie Barry, who previously held the CFO role herself, will provide financial oversight during the transition if needed. Incoming CEO Jason Bonfig, who officially takes over Nov. 1, 2026, will work alongside the new CFO to shape Best Buy’s financial strategy going forward.
“We wouldn’t be where we are today, or have such confidence in the future ahead of us, without Matt,” Bonfig said in a statement. “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 CFO transition comes as Best Buy showed signs of growth in its latest earnings results.
The company plans to open six net new U.S. stores in fiscal 2027, its first domestic store count increase in more than a decade. Smaller-format locations are central to the strategy: Best Buy says the tested model has driven incremental revenue in smaller markets from both in-store visits and local online orders.
On the financial side, comparable sales for fiscal 2026 rose 0.5%, the first positive full-year comp result since fiscal 2022, with revenue coming in at approximately $41.6 billion to $41.7 billion. Looking ahead, Best Buy is prioritizing its Marketplace platform and Best Buy Ads retail media network, both expected to move toward sustainable profitability, alongside expanded membership programs, supply chain and logistics investment, store modernization and improvements to customer experience in-store and online.
“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,” Bilunas said in a statement. “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. 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.”
