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Dive Brief:

  • Elevating several longtime company employees, Best Buy on Tuesday announced five new appointments to its executive team amid its broader CEO transition. All five report to incoming CEO Jason Bonfig.
  • Effective immediately, Frank Bedo takes on the role of chief strategy and growth officer; Patrick McGinnis is chief revenue officer; Luke Motschenbacher serves as chief retail and services officer; Lisa Valentino becomes chief ads and media officer; and Duane Scarboro is chief fulfillment and operations officer.
  • Best Buy’s chief communications and public affairs officer, as well as its chief marketing officer, will continue reporting to Bonfig. Bonfig, along with the retailer’s chief legal and risk officer, chief digital and technology officer and chief human resources officer, will continue reporting to outgoing CEO Corie Barry until her departure at the end of October.

Dive Insight:

Best Buy’s move in April to appoint Bonfig — who joined the company in 1999 — as its next CEO was a vote of confidence in longtime company employees. The retailer’s latest executive news doubles down, with four of the five appointees — Bedo, McGinnis, Motschenbacher, and Scarboro — having worked at Best Buy for over 20 years each.

“To truly become the Best Buy we know we can be, we have to organize against the right work and with the right leaders,” Bonfig said in a statement about the new leadership appointments. “This new team brings together deep expertise, a strong customer focus and a shared desire and commitment to advancing our strategy. They are the right leaders to bring us into our next chapter of creating growth for the company by providing incredible experiences for customers and our teams.”

Bedo, who most recently served as Best Buy’s chief marketplace and e-commerce officer, is now responsible for shaping the retailer’s forward-looking strategy. McGinnis served as chief merchandising officer and now oversees all revenue-driving components of the business, such as merchandising, e-commerce, the third-party marketplace and Best Buy Health.

Meanwhile, Motschenbacher recently served as president of retail and is now responsible for overseeing all stores in the U.S. in addition to customer experience services. Scarboro, who served as senior vice president of supply chain distribution operations, now leads sourcing, supply chain, fulfillment and delivery.

Valentino joined Best Buy in 2024 and most recently served as the company’s president of Best Buy Ads. In her new role, she is responsible for the ads and media businesses.

The updates come after Best Buy in June announced CFO Matt Bilunas will depart the company at the end of July. The retailer is conducting an external search for a chief financial officer who will partner with Bonfig.