Dive Brief:

• Best Buy appointed retail industry veteran and former Nordstrom CFO Anne Bramman, 58, as its next finance chief, effective Aug. 19, according to a Monday press release.
• The Minneapolis-based consumer technology retailer’s previous long-time CFO Matt Bilunas left the company on July 31 and CEO Corie Barry has taken on the additional role of interim CFO until Bramman arrives. The company is also getting a new CEO in November when Best Buy Chief Customer, Product and Fulfillment Officer Jason Bonfig is poised to succeed Barry. 
• “Overall, we like this hiring,” Telsey Advisory Group analysts led by Joseph Feldman said in a Tuesday note, calling her an effective and “seasoned” consumer finance executive. “It pairs incoming CEO Bonfig with a consumer and retail expert who has financial and operational experience. And, importantly, she brings fresh perspective from outside the company.” 

Dive Insight:

While Best Buy has seen revenue slow in recent years, incoming CEO Bonfig’s vision includes expanding Best Buy’s reach in a number of ways including opening more medium and small-format stores and growing through secondary business such as advertising, CFO Dive sister publication Retail Dive reported. 

In its note Telsey maintained its “outperform rating” on Best Buy and raised its 12-month price target to $95 from $90. “We believe Best Buy continues to execute well and maintain/gain market share in consumer electronics, based on its ability to introduce newness, leverage its scale and vendor relationships, manage costs, and operate efficiently,” the report states.

Bramman has most recently worked as a senior adviser and executive coach at Boston Consulting Group, according to her LinkedIn profile.

She peviously served as CFO of Circana, a consumer analytics company from June 2023 to August 2024. She also worked as finance chief of department store chain Nordstrom from June of 2017 to December of 2022. She was also finance chief of Avery Dennisson and Carnival Cruise Lines.

At Best Buy, Bramman’s compensation will include an annual base salary of $950,000, according to a company filing with the Securities and Exchange Commission. She will also get a sign-on cash award of $500,000 and a sign-on equity award valued at $1.25 million.

“I’ve long admired Best Buy’s ability to adapt, innovate and stay deeply connected to its customers,” Bramman said in a statement in the release. “I’m thrilled to join the company and I look forward to working with Jason and the impressive Best Buy team to help accelerate growth and build an exciting future together.”