At a Glance

  • Best Buy announced in a press release on Monday that it has appointed Anne Bramman, a retail veteran and former chief financial officer of Nordstrom, as its next finance chief, effective August 19.
  • The Minneapolis-based consumer electronics retailer's former longtime CFO, Matt Bilunas, departed on July 31, and CEO Corie Barry served as interim CFO until Bramman's arrival. Additionally, the company will welcome a new CEO in November, with current Chief Customer, Product, and Fulfillment Officer Jason Bonfig set to succeed Barry.
  • "Overall, we view this appointment favorably," Telsey Advisory Group analysts said in a Tuesday note, calling Bramman an effective and "seasoned" consumer finance executive. "She pairs incoming CEO Bonfig with a consumer and retail specialist with both finance and operational experience. Importantly, she brings a fresh perspective from outside the company."

Dive Insight

Although Best Buy's revenue growth has slowed in recent years, incoming CEO Bonfig's vision includes expanding Best Buy's footprint in several ways, such as opening more small- and medium-sized stores and growing through ancillary businesses like advertising, as reported by Retail Dive, a sister publication of CFO Dive.

Telsey maintained its "Outperform" rating on Best Buy in the note and raised its 12-month price target to $95 from $90. "We believe Best Buy continues to perform well in consumer electronics and maintain or gain market share, given its ability to introduce new products, leverage its scale and vendor relationships, control costs, and operate efficiently," the note said.

According to Bramman's LinkedIn profile, she most recently served as a senior advisor and executive coach at Boston Consulting Group.

She previously served as CFO of consumer analytics company Circana from June 2023 to August 2024. She also held the CFO role at department store chain Nordstrom from June 2017 to December 2022, and previously served as finance chief at Avery Dennison and Carnival Cruise Lines.

According to Best Buy's filing with the U.S. Securities and Exchange Commission, Bramman's compensation at Best Buy will include an annual salary of $950,000, along with a $500,000 cash signing bonus and a signing equity award valued at $1.25 million.

"I have long admired Best Buy's ability to adapt, innovate, and stay closely connected to its customers," Bramman said in a statement in the press release. "I am excited to join the company and look forward to working with Jason and the outstanding Best Buy team to accelerate growth and create a bright future together."