She will be succeeded by Jason Bonfig, a longtime executive at the electronics retailer.

The leadership change comes as the company tries to rev up sales and capitalize on artificial intelligence-fueled innovation of laptops and mobile phones.

Best Buy has announced a leadership transition, naming Jason Bonfig as its next chief executive officer, replacing Corie Barry later this year. The move comes at a critical juncture for the consumer electronics retailer,

Best Buy announced CEO Corie Barry will step down from her leadership roles within the company at the end of October, making way for the company's chief customer, product and fulfillment officer, Jason Bonfig,

Best Buy said its new CEO is Jason Bonfig, who has worked as the company's chief customer, product and fulfillment officer, to replace Corie Barry.

For Corie Barry, any decision on a CEO transition comes down to a simple test: timing. “Philosophically, I think any CEO transition begins with two things,” Barry said in an interview with the Star Tribune.

Corie Barry, the first female chief executive of Best Buy, will step down in November, handing off the top job to Jason Bonfig, a company insider. Barry, 51, has led the Richfield-based electronics retailer for seven years and was the youngest CEO of a Fortune 100 company when she took the role.

Best Buy has announced that its CEO, Corie Barry, is leaving the company later this year. The Richfield-based company says that Jason Bonfig will replace Barry when she officially steps down at the end of the third fiscal quarter.