Best Buy CEO Corie Barry to step down

Best Buy announced on Wednesday that it is promoting a longtime executive to chief executive as the consumer electronics retailer navigates shifting demand and intensifying competition across the retail sector.

The company said that Jason Bonfig — currently its chief customer, product and fulfillment officer — will become CEO on Oct. 31, succeeding Corie Barry, who plans to step down after seven years in the role. Bonfig will become just the sixth CEO in Best Buy’s roughly 60-year history.