Best Buy announced the appointment of Jason Bonfig as its new CEO, effective at the end of October, replacing Corie Barry, who has held the position since 2019. The change comes as the retailer faces challenges from weak consumer demand and supply chain issues linked to tariffs. Bonfig, who previously served as the chief customer, product, and fulfillment officer, has been instrumental in launching Best Buy's online marketplace and expanding its advertising business, aiming to compete with giants like Amazon and Walmart. Board chair David Kenny expressed confidence in Bonfig's ability to lead the company into a new phase of growth. Barry, a nearly three-decade veteran of Best Buy and the first female CEO, will continue to support the company as a strategic adviser for six months. Following the announcement, Best Buy's shares dropped by 4% in early trading, reflecting investor concerns about the company's future amidst a slowdown in demand for big-ticket items due to inflation and rising borrowing costs.