BBY · Best Buy Co., Inc.

Best Buy's CEO succession plan ensures leadership continuity with a six-month transition period where outgoing CEO Corie Barry serves as Strategic Advisor, maintaining institutional knowledge during the handoff to Jason Bonfig. Bonfig, a 25-year veteran with deep merchandising and operational expertise overseeing merchandising, e-commerce, supply chain, marketing, Best Buy Canada, and Best Buy Ads, brings internal continuity to the top role. His compensation package reflects CEO-level responsibilities, with significant increases in base salary to $1,250,000, STI target at 190% of base, and LTIP escalating to $10.125 million annually from fiscal 2028, plus a fiscal 2027 true-up. Severance protections align with executive standards, including enhanced terms post-change-in-control. Barry's transition terms provide stability, with reduced base to $1 million and pro-rated incentives tied to her CEO tenure. This planned change, announced April 22, 2026, minimizes disruption and positions Bonfig to execute growth strategies.