By Brooke DiPalma

Best Buy (BBY) CEO Corie Barry is stepping down from the electronics retailer at the end of the third quarter.

On Oct. 31, Barry will be succeeded by Jason Bonfig, who currently serves as Best Buy's chief customer, product, and fulfillment officer. Barry will stay on as a strategic adviser for six months when Bonfig takes the reins, and her seat on the board will be replaced by Bonfig, the company said on Wednesday.

Barry was the first female CEO at Best Buy, and she has held that role since 2019. She successfully navigated the electronics giant through the COVID-19 pandemic and President Trump's tariffs.

Bonfig joined the company as an inventory analyst in 1999, the same year Barry did.

"He's the right person, with the vision to accelerate the company's strategy and take Best Buy into the future," Barry said. In a note to employees, she described him as a leader with "maniacal customer focus, innovative thinking and thoughtful decision-making."

Corie Barry, current CEO, on left, Jason Bonfig, incoming CEO on right (Courtesy: Best Buy)

The leadership change comes at a pivotal time for Best Buy. The company has been facing sluggish sales across its segments, including entertainment and appliances, and it needs to prove it can keep up in the new world of artificial intelligence.

Same-store sales declined 0.8% in the fourth quarter, below the Street's forecast, as consumers pulled back on holiday purchases.

Bonfig currently leads Best Buy's supply chain and marketing business. He oversaw the launch of Best Buy's online US marketplace and leads its retail media network, Best Buy Ads — both key to its growth strategy.

"We need to do more, and we need to do it quicker," Bonfig said in the note to employees. "The speed at which we launched Marketplace in the US and scaled Best Buy Ads are great examples of what we can accomplish when we work with more agility and creativity, embrace new ideas, and really live up to our value of taking on challenge and change."

Bonfig added that he wants the team to be "even more aggressive in our mindset and approach."