Matt Bilunas to step down on July 31 after 20 years with the company, including seven as CFOCompany is conducting an external search for a successor to partner with incoming CEO Jason BonfigBest Buy Co., Inc. (NYSE:BBY)

<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc"><i xmlns="http://www.w3.org/1999/xhtml">Matt Bilunas to step down on July 31 after 20 years with the company, including seven as CFO</i></p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc"><i xmlns="http://www.w3.org/1999/xhtml">Company is conducting an external search for a successor to partner with incoming CEO Jason Bonfig</i></p><p xmlns="http://www.w3.org/1999/xhtml">Best Buy Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BBY">BBY</a>) today announced that Matt Bilunas will step down as Chief Financial Officer and depart the company at the end of July.</p><p xmlns="http://www.w3.org/1999/xhtml">Best Buy has engaged an external search firm for its next chief financial officer and expects to name a successor with previous CFO experience. Current CEO Corie Barry, who previously served as CFO, will provide financial oversight during the transition if needed.</p><p xmlns="http://www.w3.org/1999/xhtml"><i xmlns="http://www.w3.org/1999/xhtml">&#34;I am truly honored to have been part of this great company and grateful to those who have made a lasting impact on my life and career. I am proud of what we have accomplished together, and even more proud of the people and teams I have had the privilege to work alongside," said Bilunas. "Best Buy is well positioned for the future, and I have tremendous confidence in Jason and the next generation of leaders who will continue to build on the momentum we’ve created."</i></p><p xmlns="http://www.w3.org/1999/xhtml">Bilunas served as CFO for the last seven years, working hand in hand with Barry and Bonfig to navigate a range of challenging environments to help generate the momentum driving Best Buy and its business today.</p><p xmlns="http://www.w3.org/1999/xhtml"><i xmlns="http://www.w3.org/1999/xhtml">&#34;We wouldn&#39;t be where we are today, or have such confidence in the future ahead of us, without Matt," said Bonfig. "He helped build Best Buy in invaluable ways, and I&#39;m genuinely grateful for everything he has contributed and everything I&#39;ve learned from him over the years."</i></p><p xmlns="http://www.w3.org/1999/xhtml"><i xmlns="http://www.w3.org/1999/xhtml">"The past seven years have been exciting, challenging, unpredictable and meaningful, and I truly believe we wouldn&#39;t have navigated them as well as we did if it weren&#39;t for Matt," said Barry. "His impact on this company will last for years to come; not only because of his financial leadership, but because of the way he has developed talent and helped shape our strategy. His impact on me personally will last a lifetime."</i></p><p xmlns="http://www.w3.org/1999/xhtml">Bilunas joined Best Buy in July 2006 as a Territory Finance Director. During his tenure, he held numerous finance roles across the company, including Senior Vice President of Enterprise Finance, before assuming the CFO role in 2019. Most recently, Bilunas was responsible for finance, enterprise strategy, procurement, financial services, real estate and omnichannel operations.</p><p xmlns="http://www.w3.org/1999/xhtml">Bonfig will become the company’s sixth CEO when he officially takes over the role on November 1, 2026. He recently unveiled the four priorities Best Buy will focus on to grow the business: Advancing Best Buy as a Retail, Media and Advertising, and Technology company; Expanding and growing our reach; Elevating the Best Buy experience; and being a human-powered, customer-focused company.</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">About Best Buy</b></p><p xmlns="http://www.w3.org/1999/xhtml">Best Buy (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BBY">BBY</a>) is the world&#39;s largest specialty consumer electronics retailer. Our purpose is to enrich lives through technology, which we do by providing our customers a unique mix of advice, products and services in our stores, online, and in homes. Our expert associates advise customers on our curated assortment of the latest, name-brand technology, while our highly trained services teams help with designs, consultations, delivery, installation, tech support and repair. We are a leader in corporate responsibility and sustainability issues, including through the Best Buy Foundation&#39;s nationwide Best Buy Teen Tech Center<sup xmlns="http://www.w3.org/1999/xhtml">&#xAE;</sup> network and the significant role we play in the circular economy through repair, trade-in and recycling programs. We generated $41.7 billion of revenue in fiscal 2026, operate more than 1,000 retail stores in North America, and have more than 80,000 employees. For more information, visit corporate.bestbuy.com and investors.bestbuy.com.</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Forward-Looking and Cautionary Statements</b></p><p xmlns="http://www.w3.org/1999/xhtml">This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by the fact that they use words such as &#34;anticipate,&#34; &#34;appear,&#34; &#34;approximate,&#34; &#34;assume,&#34; &#34;believe,&#34; &#34;continue,&#34; &#34;could,&#34; &#34;estimate,&#34; &#34;expect,&#34; &#34;foresee,&#34; &#34;guidance,&#34; &#34;intend,&#34; &#34;may,&#34; &#34;might,&#34; &#34;outlook,&#34; &#34;plan,&#34; &#34;possible,&#34; &#34;project&#34; &#34;seek,&#34; &#34;should,&#34; &#34;would,&#34; and other words and terms of similar meaning or the negatives thereof. Such statements reflect our current views and estimates with respect to the Company’s positioning and our ability to create meaningful growth for the company and its shareholders and our opportunities. These statements involve a number of judgments and are subject to certain risks and uncertainties, many of which are outside the control of the Company, that could cause actual results to differ materially from the potential results discussed in such forward-looking statements. Readers should review Item 1A, Risk Factors, of our most recent Annual Report on Form 10-K, and any updated information in subsequent Quarterly Reports on Form 10-Q, for a description of important factors that could cause our actual results to differ materially from those contemplated by the forward-looking statements made in this release. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: macroeconomic pressures in the markets in which we operate (including but not limited to real GDP growth, inflation, recession, consumer confidence, employment levels, effects of the government closures, cost of living, uncertainty over the availability of government benefits, tax rates, availability of consumer financing, interest rates, housing market conditions, foreign currency exchange rates, the price of oil, gas and other commodities and other macroeconomic trends); geopolitical pressures (including issues related to trade policies, tariff increases and/or volatility and geopolitical instability); catastrophic events, health crises and pandemics; susceptibility of the products we sell to technological advancements, product life cycle fluctuations and changes in consumer preferences; competition (including from multi-channel retailers, e-commerce business, technology service providers, traditional store-based retailers, vendors and mobile network carriers, in the provision of delivery speed and options and with the strategic use of artificial intelligence); our ability to attract and retain qualified employees and changes in market compensation rates; our focus on services as a strategic priority; our reliance on key vendors and mobile network carriers (including product availability); our ability to maintain positive brand perception and recognition; our ability to effectively identify, manage and execute enterprise-wide strategies, such as strategic ventures, alliances or acquisitions; our ability to effectively manage our infrastructure, real estate portfolio and market segmentation strategy; interruptions and other factors affecting our supply chain (impacting our stores or other aspects of our operations); our utilization of third-party vendors for certain aspects of our operations; risks associated with the products we sell, including those products sold on our Marketplace platforms and products under our exclusive brand labels; our reliance on our information technology systems, internet and telecommunications access and capabilities; our ability to prevent or effectively respond to a cyber-attack, privacy or security breach; and statutory, regulatory and legal developments (including statutes and/or regulations related to tax or privacy). We caution that the foregoing list of important factors is not complete. Any forward-looking statements speak only as of the date they are made and we assume no obligation to update any forward-looking statement that we may make.</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260622660677r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260622660677/en/" rel="nofollow">https://www.businesswire.com/news/home/20260622660677/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignl"><b xmlns="http://www.w3.org/1999/xhtml">Investor Contact:</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Mollie O&#39;Brien<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:mollie.obrien@bestbuy.com" shape="rect">mollie.obrien@bestbuy.com</a><br xmlns="http://www.w3.org/1999/xhtml"></br><br xmlns="http://www.w3.org/1999/xhtml"></br><b xmlns="http://www.w3.org/1999/xhtml">Media Contact:</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Carly Charlson<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:carly.charlson@bestbuy.com" shape="rect">carly.charlson@bestbuy.com</a></p>

Best Buy Announces Chief Financial Officer Transition

Best Buy CFO Bilunas Steps Down; transition aligned with Bonfig leadership

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Matt Bilunas to step down on July 31 after 20 years with the company, including seven as CFOCompany is conducting an external search for a successor to partner with incoming CEO Jason BonfigBest Buy Co., Inc. (NYSE:BBY)</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Best Buy disclosed CFO Matt Bilunas will depart July 31, 2026, with an external search for a successor. Corie Barry will oversee finances during the transition, while Jason Bonfig prepares to become CEO on November 1, 2026. The move underscores leadership continuity and sets the stage for Bonfig’s four-priority growth plan.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>BBY CFO Matt Bilunas to step down July 31, 2026.</li><li>Best Buy launches external search for a CFO successor.</li><li>Incoming CEO Jason Bonfig to take helm November 1, 2026.</li><li>Corie Barry will oversee finances during transition if needed.</li><li>Fiscal 2026 revenue reported at $41.7 billion; 1,000+ stores.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Best Buy Co., Inc. (BBY)</strong>: CFO transition could prompt near-term price movement; leadership timeline is key.</li><li><strong>Jason Bonfig (BBY)</strong>: Incoming CEO; takes role Nov 1, 2026; strategic execution will be under close watch.</li><li><strong>Corie Barry (BBY)</strong>: Current CEO; will provide financial oversight during CFO transition.</li><li><strong>Matt Bilunas (BBY)</strong>: Stepping down as CFO July 31; served 7 years as CFO, 20 years with BBY.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Category fits Corporate Developments with Leadership Change; the article details a C-suite transition and confirms succession timing, which can impact governance, capital allocation, and investor perception.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>CFO transition may trigger near-term BBY stock volatility until a replacement is named.</li><li>Bonfig becomes CEO on Nov 1, 2026, sharpening focus on strategic priorities.</li><li>External CFO search introduces uncertainty around mid-term financial leadership.</li><li>Fiscal 2026 revenue remains $41.7B backdrop for budgeting and compensation.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Matt Bilunas to step down July 31, 2026.</li><li>Bilunas CFO for 7 years; joined Best Buy in 2006.</li><li>Jason Bonfig to become sixth BBY CEO on November 1, 2026.</li><li>Fiscal 2026 revenue is $41.7 billion.</li><li>Best Buy operates over 1,000 stores and 80,000+ employees.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>CFO transition may cause short-term BBY volatility; await confirmed successor and early governance signals within Bonfig&#039;s rollout.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc"><i xmlns="http://www.w3.org/1999/xhtml">Matt Bilunas to step down on July 31 after 20 years with the company, including seven as CFO</i></p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc"><i xmlns="http://www.w3.org/1999/xhtml">Company is conducting an external search for a successor to partner with incoming CEO Jason Bonfig</i></p><p xmlns="http://www.w3.org/1999/xhtml">Best Buy Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BBY">BBY</a>) today announced that Matt Bilunas will step down as Chief Financial Officer and depart the company at the end of July.</p><p xmlns="http://www.w3.org/1999/xhtml">Best Buy has engaged an external search firm for its next chief financial officer and expects to name a successor with previous CFO experience. Current CEO Corie Barry, who previously served as CFO, will provide financial oversight during the transition if needed.</p><p xmlns="http://www.w3.org/1999/xhtml"><i xmlns="http://www.w3.org/1999/xhtml">&#34;I am truly honored to have been part of this great company and grateful to those who have made a lasting impact on my life and career. I am proud of what we have accomplished together, and even more proud of the people and teams I have had the privilege to work alongside," said Bilunas. "Best Buy is well positioned for the future, and I have tremendous confidence in Jason and the next generation of leaders who will continue to build on the momentum we’ve created."</i></p><p xmlns="http://www.w3.org/1999/xhtml">Bilunas served as CFO for the last seven years, working hand in hand with Barry and Bonfig to navigate a range of challenging environments to help generate the momentum driving Best Buy and its business today.</p><p xmlns="http://www.w3.org/1999/xhtml"><i xmlns="http://www.w3.org/1999/xhtml">&#34;We wouldn&#39;t be where we are today, or have such confidence in the future ahead of us, without Matt," said Bonfig. "He helped build Best Buy in invaluable ways, and I&#39;m genuinely grateful for everything he has contributed and everything I&#39;ve learned from him over the years."</i></p><p xmlns="http://www.w3.org/1999/xhtml"><i xmlns="http://www.w3.org/1999/xhtml">"The past seven years have been exciting, challenging, unpredictable and meaningful, and I truly believe we wouldn&#39;t have navigated them as well as we did if it weren&#39;t for Matt," said Barry. "His impact on this company will last for years to come; not only because of his financial leadership, but because of the way he has developed talent and helped shape our strategy. His impact on me personally will last a lifetime."</i></p><p xmlns="http://www.w3.org/1999/xhtml">Bilunas joined Best Buy in July 2006 as a Territory Finance Director. During his tenure, he held numerous finance roles across the company, including Senior Vice President of Enterprise Finance, before assuming the CFO role in 2019. Most recently, Bilunas was responsible for finance, enterprise strategy, procurement, financial services, real estate and omnichannel operations.</p><p xmlns="http://www.w3.org/1999/xhtml">Bonfig will become the company’s sixth CEO when he officially takes over the role on November 1, 2026. He recently unveiled the four priorities Best Buy will focus on to grow the business: Advancing Best Buy as a Retail, Media and Advertising, and Technology company; Expanding and growing our reach; Elevating the Best Buy experience; and being a human-powered, customer-focused company.</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">About Best Buy</b></p><p xmlns="http://www.w3.org/1999/xhtml">Best Buy (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BBY">BBY</a>) is the world&#39;s largest specialty consumer electronics retailer. Our purpose is to enrich lives through technology, which we do by providing our customers a unique mix of advice, products and services in our stores, online, and in homes. Our expert associates advise customers on our curated assortment of the latest, name-brand technology, while our highly trained services teams help with designs, consultations, delivery, installation, tech support and repair. We are a leader in corporate responsibility and sustainability issues, including through the Best Buy Foundation&#39;s nationwide Best Buy Teen Tech Center<sup xmlns="http://www.w3.org/1999/xhtml">&#xAE;</sup> network and the significant role we play in the circular economy through repair, trade-in and recycling programs. We generated $41.7 billion of revenue in fiscal 2026, operate more than 1,000 retail stores in North America, and have more than 80,000 employees. For more information, visit corporate.bestbuy.com and investors.bestbuy.com.</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Forward-Looking and Cautionary Statements</b></p><p xmlns="http://www.w3.org/1999/xhtml">This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by the fact that they use words such as &#34;anticipate,&#34; &#34;appear,&#34; &#34;approximate,&#34; &#34;assume,&#34; &#34;believe,&#34; &#34;continue,&#34; &#34;could,&#34; &#34;estimate,&#34; &#34;expect,&#34; &#34;foresee,&#34; &#34;guidance,&#34; &#34;intend,&#34; &#34;may,&#34; &#34;might,&#34; &#34;outlook,&#34; &#34;plan,&#34; &#34;possible,&#34; &#34;project&#34; &#34;seek,&#34; &#34;should,&#34; &#34;would,&#34; and other words and terms of similar meaning or the negatives thereof. Such statements reflect our current views and estimates with respect to the Company’s positioning and our ability to create meaningful growth for the company and its shareholders and our opportunities. These statements involve a number of judgments and are subject to certain risks and uncertainties, many of which are outside the control of the Company, that could cause actual results to differ materially from the potential results discussed in such forward-looking statements. Readers should review Item 1A, Risk Factors, of our most recent Annual Report on Form 10-K, and any updated information in subsequent Quarterly Reports on Form 10-Q, for a description of important factors that could cause our actual results to differ materially from those contemplated by the forward-looking statements made in this release. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: macroeconomic pressures in the markets in which we operate (including but not limited to real GDP growth, inflation, recession, consumer confidence, employment levels, effects of the government closures, cost of living, uncertainty over the availability of government benefits, tax rates, availability of consumer financing, interest rates, housing market conditions, foreign currency exchange rates, the price of oil, gas and other commodities and other macroeconomic trends); geopolitical pressures (including issues related to trade policies, tariff increases and/or volatility and geopolitical instability); catastrophic events, health crises and pandemics; susceptibility of the products we sell to technological advancements, product life cycle fluctuations and changes in consumer preferences; competition (including from multi-channel retailers, e-commerce business, technology service providers, traditional store-based retailers, vendors and mobile network carriers, in the provision of delivery speed and options and with the strategic use of artificial intelligence); our ability to attract and retain qualified employees and changes in market compensation rates; our focus on services as a strategic priority; our reliance on key vendors and mobile network carriers (including product availability); our ability to maintain positive brand perception and recognition; our ability to effectively identify, manage and execute enterprise-wide strategies, such as strategic ventures, alliances or acquisitions; our ability to effectively manage our infrastructure, real estate portfolio and market segmentation strategy; interruptions and other factors affecting our supply chain (impacting our stores or other aspects of our operations); our utilization of third-party vendors for certain aspects of our operations; risks associated with the products we sell, including those products sold on our Marketplace platforms and products under our exclusive brand labels; our reliance on our information technology systems, internet and telecommunications access and capabilities; our ability to prevent or effectively respond to a cyber-attack, privacy or security breach; and statutory, regulatory and legal developments (including statutes and/or regulations related to tax or privacy). We caution that the foregoing list of important factors is not complete. Any forward-looking statements speak only as of the date they are made and we assume no obligation to update any forward-looking statement that we may make.</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260622660677r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260622660677/en/" rel="nofollow">https://www.businesswire.com/news/home/20260622660677/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignl"><b xmlns="http://www.w3.org/1999/xhtml">Investor Contact:</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Mollie O&#39;Brien<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:mollie.obrien@bestbuy.com" shape="rect">mollie.obrien@bestbuy.com</a><br xmlns="http://www.w3.org/1999/xhtml"></br><br xmlns="http://www.w3.org/1999/xhtml"></br><b xmlns="http://www.w3.org/1999/xhtml">Media Contact:</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Carly Charlson<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:carly.charlson@bestbuy.com" shape="rect">carly.charlson@bestbuy.com</a></p>

Best Buy disclosed CFO Matt Bilunas will depart July 31, 2026, with an external search for a successor. Corie Barry will oversee finances during the transition, while Jason Bonfig prepares to become CEO on November 1, 2026. The move underscores leadership continuity and sets the stage for Bonfig’s four-priority growth plan.

Best Buy Announces Chief Financial Officer Transition

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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