Dive Brief:
- Best Buy Chief Financial Officer Matt Bilunas will depart the company effective July 31, according to paperwork filed with the U.S. Securities and Exchange Commission.
- The retailer is conducting an external search to fill the role and expects to name a successor with previous CFO experience, per a company press release.
- The successor will partner with incoming CEO Jason Bonfig, who will officially take over the chief executive position on Nov. 1. Current CEO Corie Barry, who previously served as CFO, will provide the company with financial oversight during the transition if needed.
Dive Insight:
After two decades with Best Buy and seven years serving as chief financial officer, Bilunas is leaving the company.
Bilunas will receive separation benefits upon his departure, including pay equal to two years of his base salary, according to previous SEC documents.
Best Buy did not immediately answer questions regarding the reason behind Bilunas’ exit.
"We wouldn't be where we are today, or have such confidence in the future ahead of us, without Matt,” Bonfig said in a statement. “He helped build Best Buy in invaluable ways.”
Analysts expressed confusion around the executive’s departure.
“We are both surprised and disappointed to see Mr. Bilunas go, given he has been a strong operating CFO with the ability to execute the strategic plan and deliver on guidance,” Telsey Advisory Group analyst Joe Feldman said in a Monday note. “Mr. Bilunas has played an integral role in Best Buy's transformation and has worked closely with both Ms. Barry and incoming CEO Jason Bonfig.”
However, the departure of Bilunas would allow Bonfig to select his own chief financial officer, Feldman said.
Best Buy announced in April that it selected Bonfig, who has been the company’s chief customer, product and fulfillment officer, for the top role.
Since that time, Bonfig revealed his vision for the company, which includes expanding Best Buy’s reach, elevating the retailer’s experience, maintaining its position as a human-focused company and transforming Best Buy into a retail media, advertising and technology company.
“We’re not just a retailer anymore,” Bonfig said in May.
The company reported better-than-expected earnings in Q1, with enterprise revenue up 2% year over year to nearly $9 billion. Comps rose 2%, while net earnings were up almost 37% to $276 million, compared to the year-ago quarter.
Just last week, Bilunas stated that a television replacement cycle from COVID-era purchases is “coming due,” with Best Buy being well positioned to capture replacement demand, according to a Monday note from Jefferies. Historically, the retailer has garnered about a third of TV unit sales.
Bilunas first joined Best Buy in 2006 as its Territory Finance Director, and went on to hold various roles in the company, including senior vice president of enterprise finance, before becoming CFO.
