Best Buy CFO Matt Bilunas leaves after 20 years, seven as CFO. Analysts surprised; Telsey says 'disappointed.' CEO Bonfig will select successor as company pushes retail media transformation.
BEST BUY CO INC currently carries an Alpha Score of n/a, giving AlphaScala's model a neutral read on the setup.
Best Buy CFO Matt Bilunas is leaving the company after two decades, seven of them as chief financial officer. The retailer will conduct an external search to find a successor with prior CFO experience.
Bilunas will receive separation benefits including two years of base salary, according to prior SEC filings. Best Buy did not comment on the reason for his exit.
The departure surprised some analysts. Telsey Advisory Group analyst Joe Feldman said in a Monday note that he was “both surprised and disappointed to see Mr. Bilunas go,” calling him a strong operating CFO who helped execute the strategic plan and deliver on guidance. Bilunas played an integral role in Best Buy’s transformation and worked closely with incoming CEO Jason Bonfig and outgoing CEO Corie Barry.
Feldman said the exit gives Bonfig the chance to pick his own CFO. Bonfig was named CEO in April after serving as chief customer, product and fulfillment officer. He has laid out a vision focused on expanding Best Buy’s reach, improving the customer experience and building a retail media and technology business. “We’re not just a retailer anymore,” Bonfig said in May.
The company reported Q1 results last month that beat expectations. Enterprise revenue rose 2% year over year to nearly $9 billion. Comparable sales rose 2%. Net earnings jumped nearly 37% to $276 million from $202 million a year earlier.
Just last week Bilunas told Jefferies analysts that a television replacement cycle from pandemic-era purchases is “coming due” and that Best Buy is positioned to capture that demand. Historically the retailer has captured about a third of TV unit sales.
Bilunas started at Best Buy in 2006 as territory finance director. He later held roles including senior vice president of enterprise finance before becoming CFO in 2018.
Corie Barry called his departure significant. “We wouldn’t be where we are today, or have such confidence in the future ahead of us, without Matt,” she said in a statement. “He helped build Best Buy in invaluable ways.”
Feldman said Bilunas’ exit opens the door for Bonfig to assemble his own finance leadership. Best Buy expects to name a successor with prior CFO experience.
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