Best Buy Leadership Shakeup
Best Buy CFO Matt Bilunas to Depart in 2026 Amid Leadership Changes and Sluggish Sales
Anonymous
Key Points
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Bilunas joined Best Buy in 2006 as territory finance director, rose to SVP of Enterprise Finance, and became CFO in 2019; during his tenure he oversaw finance, enterprise strategy, procurement, financial services, real estate and omnichannel operations.
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There is inconsistency in reported dates for Jason Bonfigs ascension to CEO: some sources cite October 31, 2026, while others cite November 1, 2026.
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The leadership news triggered a stock reaction with Best Buy shares falling about 2.5% in after-hours trading to roughly $74, and insider activity shows sizable selling in the prior three months.
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The Form 8-K filing confirms Bilunas will depart on July 31, 2026 and notes separation benefits under the ERISA plan.
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Best Buy runs a Teen Tech Center network and pursues circular-economy initiatives such as trade-in and recycling programs as part of its corporate responsibility profile.
Best Buy CFO Matt Bilunas will leave the company on July 31, 2026, ending a 20-year career that included seven years as chief financial officer, Best Buy confirmed on June 22. The news sent shares down about 2.5% in after-hours trading to roughly $74, from a closing price of $75.90, according to Investing.com.
The departure is part of a broader leadership shake-up. CEO Corie Barry is also set to step down in 2026, with Jason Bonfig named as the company's sixth chief executive, TipRanks reported. Barry will take over financial duties during the CFO search.
Bilunas Built a 20-Year Career at Best Buy
Bilunas joined Best Buy in 2006 as a territory finance director. He rose through the ranks to become SVP of Enterprise Finance before taking the CFO role in 2019, according to GuruFocus. Over seven years as CFO, he oversaw finance, real estate, procurement, and the company's omnichannel strategy.
CEO Corie Barry praised his contributions. "Matt's impact on Best Buy cannot be overstated," she said, citing his work on real estate strategy and the company's omnichannel evolution. Best Buy has engaged an external search firm to find a new CFO with prior CFO experience, Freedom 96.9 reported.
Bonfig Takes the Helm as Barry Steps Aside
Jason Bonfig, currently a senior executive with deep merchandising experience, is set to become CEO later in 2026. The exact start date is unclear. Some sources cite October 31, while others point to November 1, according to Media Play News. The difference may reflect a legal effective date versus an operational start date.
Bonfig struck an upbeat tone. He said Best Buy will "continue to lean into our core strengths: expert service, a robust circular economy, and an expanding retail media network." Barry will serve as interim financial chief until a permanent CFO is hired.
Stock Drops Amid Insider Selling and Weak Demand
The after-hours stock slide reflected broader investor unease. Best Buy shares have already fallen from a 52-week high of $85. The consumer electronics market has faced sluggish demand for three straight years following the 2020–2022 pandemic boom, according to TipRanks.
Insider activity added to the concern. Three SVPs sold roughly 45,000 shares in April 2026 alone. A Goldman Sachs analyst warned that losing both a CFO and a CEO at the same time creates a "risk vacuum" that institutional investors rarely view as a positive in the short term.
What Comes Next for Best Buy's Leadership and Strategy
Best Buy's Form 8-K filing with the SEC confirms Bilunas's July 31 departure and outlines separation benefits under the company's ERISA severance plan, according to GuruFocus. The filing also emphasizes a "coordinated transition" — language meant to reassure investors and debt holders of a smooth handoff.
The external CFO search signals a possible break from Best Buy's tradition of promoting from within. Analysts say the company may seek a candidate with digital media or software experience to support its growing "Best Buy Ads" business. Q2 earnings, scheduled for August, will be Bilunas's final major appearance and an early test for the new leadership team.
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