01—Abstract
Summary
Summary of the 8-K filed April 22, 2026. Cited figures are marked; the original filing is the authoritative source.
Best Buy Co., Inc. (NYSE: BBY) disclosed in this Form 8-K, filed April 22, 2026, a CEO succession plan.
Corie Barry will step down as Chief Executive Officer and as a member of the Board at the end of the day on October 31, 2026. 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, effective November 1, 2026. The filing describes Bonfig as 49 years old, a Best Buy merchant leader for more than 25 years, and the executive who oversees merchandising, e-commerce, supply chain, marketing, Best Buy Ads and Best Buy Canada.
Compensation terms for Bonfig are set out in an employment letter agreement. His annual base salary will rise to $1,250,000,a and his short-term incentive target will rise to 190% of base salary for the portion of the year he serves as CEO. Beginning in fiscal 2028, his long-term incentive target value will be $10,125,000.
He will also receive a fiscal 2027 true-up equity award with a target value of $1,781,250,b split 50% performance shares and 50% restricted shares. His initial agreement term is three years, with automatic 12-month renewals, and the Board will nominate him for re-election during that term. Enhanced change-of-control severance equals two times the sum of base salary plus target bonus, plus a pro-rata bonus.
Barry will remain with Best Buy as a non-executive strategic advisor for six months after her departure as CEO. Her base salary will decrease to $1,000,000,c and she will remain eligible for a pro-rated fiscal 2027 short-term incentive payout tied to her CEO service. The company's press release describes Barry as the second-longest tenured CEO in Best Buy's history and Bonfig as the sixth CEO in the company's 60-year history.
02—Key points
Key Highlights
- Corie Barry steps down as CEO and Board member effective at the end of the day on October 31, 2026.
- Jason Bonfig, age 49, appointed CEO and director effective November 1, 2026, after the Board's selection process considered internal and external candidates.
- Bonfig's base salary rises to $1,250,000 and his short-term incentive target rises to 190% of base salary while he serves as CEO.
- Beginning in fiscal 2028, Bonfig's long-term incentive target value is $10,125,000; a fiscal 2027 true-up award has a target value of $1,781,250.
- Bonfig's employment letter provides a three-year initial term with automatic 12-month renewals and enhanced change-of-control severance of two times base salary plus target bonus.
- Barry remains a non-executive strategic advisor for six months after departure, with her base salary reduced to $1,000,000.
- Bonfig currently leads merchandising, e-commerce, supply chain, marketing, Best Buy Canada, Exclusive Brands and Best Buy Ads, the retail media network.
03—Questions
Frequently Asked Questions
Who will lead Best Buy after Corie Barry departs?
Jason Bonfig, currently Senior Executive Vice President, Customer Offering, Fulfillment and Best Buy Canada, was appointed Chief Executive Officer and director effective November 1, 2026. He has held his current role since 2021 and has worked in merchant roles at Best Buy since joining in 1999.
When does the leadership change take effect?
Barry's departure as CEO and Board member is effective at the end of the day on October 31, 2026. Bonfig's appointment as CEO and director is effective November 1, 2026.
How will Bonfig's pay change as CEO?
His annual base salary increases to $1,250,000, and his short-term incentive target increases to 190% of base salary for the portion of the year he is CEO. His long-term incentive target value is $10,125,000 beginning in fiscal 2028, and he receives a fiscal 2027 true-up equity award with a target value of $1,781,250.
What transition role will Barry have?
Barry will remain employed as a strategic advisor in a non-executive officer role for six months after stepping down as CEO. Her annual base salary will decrease to $1,000,000, and she remains eligible for a pro-rated fiscal 2027 short-term incentive payout and executive-level benefits during that period.
What severance protections does Bonfig have?
He remains eligible for the Best Buy severance plan. If he is terminated without cause or resigns for good reason within 12 months after a change of control, he is eligible for enhanced severance equal to two times the sum of base salary plus target bonus, plus a pro-rata annual bonus based on actual performance.
04—Continue