Key Takeaways:
- Five executives were named to restructured leadership roles at Best Buy, all reporting to incoming CEO Jason Bonfig.
- Changes will take effect immediately, ahead of Barry’s October 31 departure.
- Best Buy is still searching for a new Chief Financial Officer.
Best Buy has announced five executive team appointments as part of its ongoing CEO transition, a restructuring the company said will help accelerate four strategic priorities focused on growth, customer experience and its evolution as a retail, media and technology company.
Jason Bonfig, a 26-year company veteran previously serving as Chief Customer, Product and Fulfillment Officer, was named the retailer’s incoming CEO in April, succeeding Corie Barry when she steps down October 31 after seven years in the role. Barry will stay on as a strategic advisor for six months following her departure. Bonfig will be the sixth CEO in Best Buy’s history and previously oversaw merchandising, ecommerce, marketing, supply chain, Best Buy Canada and the Best Buy Ads retail media network, including leading the relaunch of the company’s third-party marketplace in 2024.
Five New Roles, One Reporting Line
The realigned executive team appointments take effect immediately, with each leader reporting to Bonfig.
- Frank Bedo, previously Chief Marketplace and Ecommerce Officer, has been named Chief Strategy and Growth Officer. He will oversee growth opportunities, investments, new partnerships and customer experience strategy.
- Patrick McGinnis, formerly Chief Merchandising Officer, has been named Chief Revenue Officer. He will oversee merchandising, ecommerce, Marketplace, Best Buy Health and the company’s Canada business.
- Luke Motschenbacher, previously President of Retail, has been named Chief Retail and Services Officer, overseeing all U.S. stores and related customer service functions.
- Lisa Valentino, formerly President of Best Buy Ads, has been named Chief Ads and Media Officer, taking responsibility for the company’s ads and media business.
- Duane Scarboro, previously Senior Vice President of Supply Chain Distribution Operations, has been named Chief Fulfillment and Operations Officer, overseeing sourcing, supply chain, fulfillment, delivery and in-store service.
- Jeff Haydock, Chief Communications and Public Affairs Officer, and Jennie Weber, Chief Marketing Officer, will also continue reporting to Bonfig.
Who Still Reports to Barry
Bonfig, Chief Legal and Risk Officer Todd Hartman, Chief Digital and Technology Officer Neal Sample and Chief Human Resources Officer Kamy Scarlett will continue reporting to Barry until her departure. Best Buy is conducting an external search for a Chief Financial Officer to replace Matt Bilunas, who steps down July 31.
A Restructuring Amid Improving Performance
The restructuring follows a stretch of stabilizing performance. Best Buy posted its first positive full-year comparable sales since fiscal 2022 and disclosed plans to open six net new U.S. stores this year, its first domestic store count growth in more than a decade, leaning on a smaller-format prototype and continued investment in Marketplace and Best Buy Ads.
“Our four priorities give us a clear view of where we’re headed, and there’s an incredible foundation and momentum getting us there,” Bonfig said in a statement. “But to truly become the Best Buy we know we can be, we have to organize against the right work and with the right leaders.”
