Best Buy’s CFO position had been left vacant after Corrie Barry’s promotion to CEO. In sticking to the recent pattern of promoting from within, Best Buy has now announced that Matt Bilunas, former SVP of Enterprise and Merchandise Finance, would serve as the company’s new CFO, effective July 29.
Bilunas is a 13-year veteran of Best Buy, having joined the company in 2006 as a Director of Territory Finance out of Los Angeles. Throughout his career, Bilunas has held numerous corporate and field roles with Best Buy, and even served in some domestic and international positions. Since 2017, he has been responsible for Best Buy’s planning processes, including strategic planning, annual budgeting, monthly forecasting and capital planning.
“Matt has been a key finance leader for a number of years and has played a very important role in creating and implementing our growth strategy,” Barry said in a statement. “After working closely with him for more than a decade, I trust him and am completely confident that his experience, skills and commitment to the company’s continued growth make him the perfect choice for this role.”
There’s no time like the present for Best Buy to be making a critical move like this. As the Wall Street Journal pointed out, the retailer recently underwent a multi-year turnaround to keep itself in contention with e-commerce giants like Amazon. As a result, Barry was forced to make some tough cost-cutting decisions. So while Bilunas will undoubtedly face difficult decisions of his own as the new CFO, he can’t wait to get started.
“I am excited about the opportunity to be Best Buy’s CFO. We have made tremendous progress in how we enrich people’s lives through technology, and I am committed to doing everything possible to help this company build even deeper relationships with our customers as we serve them online, in stores and in their homes.”