Best Buy Co. (NYSE: BBY) announced that Chief Financial Officer Matt Bilunas will step down and depart the company at the end of July, after 20 years with the retailer, including seven as CFO.

The Minneapolis-based company said it has engaged an external search firm to find a successor with previous CFO experience. Current CEO Corie Barry, who previously held the CFO role, will provide financial oversight during the transition if needed.

Bilunas joined Best Buy in July 2006 as a Territory Finance Director and held several finance roles before being named CFO in 2019. Most recently, his responsibilities included finance, enterprise strategy, procurement, financial services, real estate, and omnichannel operations.

"The past seven years have been exciting, challenging, unpredictable and meaningful, and I truly believe we wouldn't have navigated them as well as we did if it weren't for Matt," Barry said in a statement.

The CFO transition comes ahead of a broader leadership change at Best Buy. Jason Bonfig is scheduled to become the company's sixth CEO on November 1, 2026, succeeding Barry. The incoming CFO is expected to work alongside Bonfig in that new leadership structure.