Jason Bonfig
Senior Executive Vice President, Customer Offering, Fulfillment & Best Buy Canada at BBY
Executive
About Jason Bonfig
Jason Bonfig is Senior Executive Vice President, Customer Offering, Fulfillment & Best Buy Canada at Best Buy. He oversees merchandising, ecommerce, supply chain and marketing (including Best Buy Ads), leads Exclusive Brands, and has P&L oversight for Best Buy Canada . He joined Best Buy in 1999 and has over 25 years of merchant leadership; he previously served as Chief Merchandising Officer in 2019 after roles including Chief Category Officer (2018–2019) and SVP for multiple product categories (2014–2018) . As of March 13, 2024, he was 47 and had 25 years with the company . In FY2025, Best Buy delivered revenue of $41.5B, operating income rate of 3.0% (4.2% adjusted), comparable sales of -2.3%, GAAP EPS of $4.28 (adjusted $6.37), net income of $927M, and “Compensable Enterprise Operating Income” of $1,761M; five-year CAP disclosure showed a company TSR value of $122.43 on a $100 base versus $227.91 for the peer index .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Best Buy | Senior EVP, Customer Offering, Fulfillment & Best Buy Canada | 2024–present | Expanded scope to merchandising, ecommerce, supply chain, marketing (incl. Best Buy Ads), Exclusive Brands, and oversight of Best Buy Canada . |
| Best Buy | Chief Merchandising Officer | 2019–2024 | Led category management, demand planning, pricing/promo, and Exclusive Brands across U.S. business . |
| Best Buy | Chief Category Officer – computing, mobile, gaming, exclusive brands, printing, wearables & accessories | 2018–2019 | Drove complex high-velocity categories during portfolio shift . |
| Best Buy | SVP – computing, mobile, tablets, wearables, printing & accessories | 2014–2018 | Led large revenue categories and vendor partnerships . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Best Buy Foundation | Board member | Not disclosed | Supports teen tech centers, internships, scholarships, and tech skills programming . |
Fixed Compensation
| Component | FY2025 Amount/Notes |
|---|---|
| Base salary | Increased from $750,000 to $800,000 (+6.7%) effective during FY2025 . |
| All other compensation | $53,990, including executive long-term disability insurance, executive physical ($28,494), and cybersecurity services . |
Performance Compensation
Short-Term Incentive (STI) – FY2025 design and payout
| Metric | Weight | Minimum | Target | Maximum | Actual | Score |
|---|---|---|---|---|---|---|
| Compensable Enterprise Operating Income ($mm) | 45% | 1,523 | 1,792 | 2,060 | 1,761 | 0.88 |
| Compensable Enterprise Revenue ($mm) | 45% | 40,532 | 42,665 | 44,798 | 41,660 | 0.63 |
| Shared Success (culture, social impact, sustainability) | 10% | N/A | N/A | N/A | Above target | 1.50 |
| Blended score | 0.8334 |
- Target payout percent: Increased from 100% to 125% two months into the year; final pro-rated target = 121% .
- Actual STI payment: $798,675 on FY2025 base earnings of $791,667 (blended 0.8334x) .
Long-Term Incentive (LTI) – FY2025 grants and structure
| Grant (3/20/2024) | Type | Quantity/Target | Vest/Performance | Target Grant Date Value |
|---|---|---|---|---|
| Annual LTI | Time-based restricted shares | 12,725 | 1/3 per year over 3 years, service-based | $1,000,000 (half of $2.0M) |
| Annual LTI | Performance shares (PSUs) | 11,870 target | 3-year relative TSR vs S&P 500; 0%<30th, 50% at 30th, 100% at 50th, 150% at 70th+; linear interpolation | $1,000,000 (half of $2.0M) |
- FY2025 NEO LTI mix: 50% time-based RS, 50% PSUs .
- Outstanding equity at FY2025 year-end (1/31/2025): 13,289 unvested RS/RSUs (incl. dividend equivalents) and FY2025 PSUs shown at maximum 17,805 (incl. accrued dividend equivalents for table display) pending performance; FY2024 PSUs shown at target 9,343 pending performance .
- FY2022 PSU cycle (FY2021–FY2024) paid 0% due to 11th percentile TSR .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (3/31/2025) | 62,137 shares total: 34,219 owned; 3,868 in Retirement Savings Plan; 24,050 options exercisable within 60 days; <1% of shares outstanding . |
| Unexercised options | 24,050 options, $69.11 strike, expiring 3/19/2029 . |
| Option transactions | Exercised 25,000 options at $69.11 strike on 8/29/2024 under 10b5-1 when stock was ~$101.00 . |
| Ownership guideline | Target 3x salary; required “ownership shares” target 27,952; actual ownership 54,428 as of FY2025 year-end; in compliance . |
| Pledging/hedging | Prohibited for executives and directors per trading policy . |
| Clawbacks | Applies to cash and all equity; separate Dodd-Frank–compliant policy also in place . |
Employment Terms
- Severance plan eligibility (non-CEO NEOs): Two years’ base salary, 150% of cost of 23 months medical/dental/vision, 17 months life insurance, and $25,000 in lieu of outplacement/tax/financial assistance for job elimination/restructuring; Bonfig’s modeled severance: $1,670,778 as of FY2025 year-end under the plan .
- Change-of-control: CEO has enhanced terms; no separate change-of-control cash multiple disclosed for Bonfig beyond standard award treatment; equity treatment detailed below .
- Equity award treatment:
- Time-based RS/RSUs: Full vest on death/disability; continue vesting on qualified retirement; forfeited otherwise; no special CoC acceleration .
- PSUs: Pro-rata and performance-based upon death/disability or involuntary termination without cause/qualified retirement; deemed earned at actual or target at CoC (subject to continued service to end of period) .
- Restrictive covenants: Confidentiality and non-solicitation provisions; non-compete removed from LTI award agreements for grants after July 1, 2023 .
- Deferred compensation: Plan available, but no NEO balances or contributions in FY2025 .
Performance & Track Record
- Strategy/operations: As head of Customer Offering, Fulfillment & Best Buy Canada, Bonfig’s remit spans merchandising, ecommerce, supply chain, marketing, retail media (Best Buy Ads), Exclusive Brands, and Canada, positioning him at the center of product, margin, and inventory turns .
- Market/commercial initiatives: Participated in earnings calls; discussed sourcing exposure to Mexico for Exclusive Brands and large-screen TVs/appliances, suggesting operational sensitivity and cost/pass-through dynamics in core categories .
- Growth initiatives: Best Buy launched a third-party digital marketplace to broaden assortment; Bonfig emphasized addressing assortment gaps (e.g., legacy accessories) and complementary items to core electronics, aiming to improve conversion without balance-sheet intensity .
- Company-level outcomes in FY2025: Comparable sales -2.3%, revenue $41.5B, operating income rate 3.0% (4.2% adjusted), adjusted EPS $6.37, net income $927M; CAP TSR value at $122.43 vs peer group $227.91 on a $100 base, indicating relative TSR headwinds during the measurement window .
Compensation Structure Analysis
- Cash vs. equity mix: For NEOs, emphasis on variable pay; Bonfig’s FY2025 target LTI increased to $2.0M, reflecting market alignment while maintaining 50/50 RSU/PSU structure tied to relative TSR .
- STI rigor: FY2025 targets set near FY2024 OI and below FY2024 revenue given macro softness; payout at 83.34% reflects mixed sales and profit outcomes and above-target “Shared Success” results .
- Option usage: Limited legacy options remain; one monetization event in 2024 under a 10b5-1 plan; Best Buy prohibits option repricing without shareholder approval .
- PSU history: FY2022 PSU payout at 0% shows downside alignment to lagging relative TSR across that cycle .
Related Party Transactions
- Bonfig’s fiancée is SVP, Omnichannel Operations; FY2025 total cash compensation ~$469,994; equity grants included 3,341 time-based RS, 1,039 PSUs, and a special one-time grant of 4,454 RS; compensation deemed consistent with peers at her level under Best Buy’s related-party policy .
Equity Ownership & Vesting Schedules (Detail)
| Category | FY2025 Year-End Position |
|---|---|
| Unvested RS/RSUs (incl. dividend equivalents) | 12,725 (2024 grant) + 6,400 (2023) + 1,637 (2022) plus associated dividend equivalents; vest 1/3 annually from grant date . |
| FY2025 PSU outstanding (for table display at max) | 17,805 plus accrued dividend equivalents; actual payout contingent on 3-year relative TSR (2/4/2024–1/30/2027) . |
| FY2024 PSU outstanding (target display) | 9,343 plus accrued dividend equivalents; performance period through FY2026 . |
Investment Implications
- Alignment: Bonfig significantly exceeds the 3x-salary ownership guideline (54,428 “ownership shares” vs. 27,952 target), is subject to strict anti-hedging/anti-pledging and robust clawbacks, and holds meaningful unvested RSUs/PSUs, supporting long-term alignment .
- Retention risk: Elevated retention through multi-year RSU vesting and open PSU cycles; severance support (~$1.67M modeled) reduces abrupt exit risk, while removal of LTI non-competes post-7/1/2023 slightly eases mobility constraints compared with legacy awards .
- Pay-for-performance: FY2025 STI paid at 83.34% amid revenue softness and profitability focus; PSU design ties half of LTI to relative TSR and delivered 0% for FY2022 award, evidencing downside sensitivity and curbing windfalls in underperformance periods .
- Trading signals/pressure: The August 2024 option exercise (25,000 options under a 10b5-1 plan) and scheduled RSU vesting represent potential periodic selling supply, but the residual option overhang is modest (24,050 options remaining) and policy restricts hedging/pledging .
- Execution watch items: Merchandise/supply-chain exposure to Mexico for TVs/appliances and Exclusive Brands can affect gross margin and availability; marketplace execution (assortment breadth, quality control, returns) is a lever to drive growth with limited inventory risk .
Citations:
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