Best Buy (NYSE:BBY) shares are up during Wednesday’s premarket session as the company announced a leadership transition plan.
Jason Bonfig will succeed Corie Barry as CEO, following her planned departure at the end of the third quarter.
The leadership change comes as Barry, the “second-longest tenured” CEO in Best Buy’s history, prepares to step down on October 31.
Bonfig has been with the company since 1999. He currently oversees key areas such as merchandising and e-commerce, is expected to drive growth and innovation moving forward.
“I’ve worked closely with Jason for many years and can confidently say he’s the right person, with the right vision, to accelerate the company’s strategy and take Best Buy into the future,” Barry said.
Technical Analysis
Best Buy is currently trading near the upper end of its 52-week range, suggesting a strong position in the market. The stock is trading 6.7% above its 20-day simple moving average (SMA) and 1% above its 100-day SMA, indicating short-term strength while still facing resistance at higher levels.
The 50-day SMA is below the 20-day …
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