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Best Buy

said Wednesday that company veteran Jason Bonfig will succeed Corie Barry as the retailer’s CEO on Oct. 31, taking over as Best Buy tries to break a run of stagnant sales.

Bonfig, 49, is chief customer, product and fulfillment officer and rose through the ranks after joining the retailer as an inventory analyst in 1999. He will become Best Buy’s sixth chief executive officer and join the company’s board.

Barry will stay on as a strategic advisor for six months after stepping down, the company said in a news release.