Best Buy has appointed Anne Bramman, a retail industry veteran and former Nordstrom CFO, as its next finance chief, effective August 19. Bramman, 58, succeeds Matt Bilunas, who left the retailer last month after serving as its finance chief for seven years.
Best Buy announced the move in a Monday press release, noting that 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. Bramman’s appointment pairs incoming CEO Bonfig with a consumer and retail expert who has financial and operational experience.
According to analysts led by Joseph Feldman, Bramman is an effective and seasoned consumer finance executive. They said in a Tuesday note that her appointment pairs incoming CEO Bonfig with a consumer and retail expert who has financial and operational experience, and she brings fresh perspective from outside the company.
Related: Human error drives most cyber losses
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. While Best Buy has seen revenue slow in recent years, analysts maintained their outperform rating on Best Buy and raised its 12-month price target to $95 from $90.
Bramman has most recently worked as a senior adviser and executive coach at Boston Consulting Group, according to her profile. She previously served as CFO of Circana, a consumer analytics company, from June 2023 to August 2024.
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. Bramman has also worked as finance chief of department store chain Nordstrom from June 2017 to December 2022.
As Best Buy develops its business strategy, Bramman’s experience in the retail industry will likely be beneficial. Her background in consumer finance and operational experience will be valuable assets to the company.
Related: Safaricom secures affordable housing internet deal
Bramman said, “I’ve long admired Best Buy‘s ability to adapt, innovate and stay deeply connected to its customers.”
Bramman looks forward to working with Bonfig and the Best Buy team to help accelerate growth and build an exciting future together.
With her experience and expertise, Bramman is well-positioned to make a positive impact at Best Buy.
