Barry’s successor will be Jason Bonfig, who will take over a business under pressure by AI and sluggish consumer demand.

The CEO of Twin Cities-based electronics retailer Best Buy will step down later this year, and the company has already named her successor.

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

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.

Best Buy announced on Wednesday that Chief Customer, Product and Fulfillment Officer Jason Bonfig will succeed Corie Barry in the CEO position. The appointment will be

Best Buy Co. Inc. said Wednesday that CEO Corie Barry will step down later this year. The electronics retailer named Jason Bonfig, a longtime executive, as its next top executive.