Best Buy has appointed Jason Bonfig as its next CEO, succeeding Corie Barry, who will step down on October 31.

The electronics retailer said Bonfig and Barry will work together over the coming months to ensure a smooth transition, with the latter staying as a strategic adviser for six months.

Board chair David Kenny said Bonfig’s experience positions him to lead the next phase of the business.

“We are confident that Jason is the right leader to accelerate the business, with urgency and innovative ideas, and create meaningful growth for the company and its shareholders,” he said.

Bonfig currently oversees key parts of the business, including merchandising, e-commerce, marketing, supply chain, Best Buy Canada, and the company’s retail media arm, Best Buy Ads.

He also led the launch of the retailer’s online marketplace in the US. Bonfig joined Best Buy in 1999 as an inventory analyst and has held a range of senior roles.

“I am deeply honored to take on this role,” Bonfig said.

“I look forward to working closely with our teams as we build on our strengths to grow the business and create new opportunities.”

The leadership change comes as Best Buy looks to strengthen its position following a period of slower growth.

According to Neil Saunders, MD of analytics company GlobalData, one of Bonfig’s challenges will be determining how Best Buy can maintain its relevance in a rapidly evolving market.