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Electronics retailer Best Buy (BBY.N) ​said on Wednesday Jason Bonfig will ‌replace Corie Barry as its new CEO from October 31.

The leadership change comes as Best ​Buy attempts to revive growth after ​a prolonged slowdown in consumer electronics demand as ⁠households grapple with inflation and higher ​interest rates.

Consumer goods companies and retailers, including ​Coca-Cola (KO.N), Procter & Gamble (PG.N) and Walmart (WMT.O), have seen a string of C-suite changes over the past year ​as they deal with shifting consumer ​environment and supply chain challenges due to geopolitical unrest.

Barry, ‌who ⁠has led Best Buy since 2019, will remain a strategic adviser to the company for six months after stepping down ​at the ​end of ⁠the company's third quarter.

Bonfig, currently the company's chief customer, product ​and fulfillment officer, will assume the ​role ⁠and join the board at the same time, Best Buy said.

Shares of the ⁠company ​rose about 2% in premarket ​trading.


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