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Best Buy (BBY) CEO Corie Barry is stepping down from the electronics retailer at the end of the third quarter.

On Oct. 31, Barry will be succeeded by Jason Bonfig, who currently serves as Best Buy's chief customer, product, and fulfillment officer. Barry will stay on as a strategic adviser for six months when Bonfig takes the reins, and her seat on the board will be replaced by Bonfig, the company said on Wednesday.

Best Buy stock fell 4% on Wednesday.

Barry was the first female CEO at Best Buy, and she has held that role since 2019. She successfully navigated the electronics giant through the COVID-19 pandemic and President Trump's tariffs.

Bonfig joined the company as an inventory analyst in 1999, the same year Barry did.

The leadership change comes at a pivotal time for Best Buy. The company has been facing sluggish sales across its segments, including entertainment and appliances.

Same-store sales declined 0.8% in the fourth quarter, below the Street's forecast, as consumers pulled back on holiday purchases. Bonfig currently leads Best Buy's supply chain and marketing business. He oversaw the launch of Best Buy's online US marketplace and leads its retail media network, Best Buy Ads โ€” both key to its growth strategy.

In an interview with Yahoo Finance, Barry said the company is seeing "really good momentum" as artificial intelligence is creating new product categories, such as Ray-Ban Meta (META) Glasses, which are helping drive customer purchases.

She noted that the electronics retail business is coming back from a challenging period. During the pandemic, demand was pulled forward, and there was little innovation for multiple years, she said.

"What's different about AI innovation is that I think it brings the industry back to the way it typically works, which is lots of innovation in lots of different categories," Barry said. "That happens over a long period of time," with customers "slowly replacing" items.

"When innovation is at its strongest, [it] is actually when our vendors shine," Bonfig said, adding that innovation drives consumers to Best Buy stores.

Best Buy's stock has risen just 4.5% since Barry joined the company on June 11, 2019, compared with a 145% gain for the S&P 500 (^GSPC) benchmark index.

The stock gained 16% from 2020 to 2021 as consumers stocked up on electronics while at home during the pandemic, but in 2022, demand weakened and the stock fell 20%.

Over the past year, the stock price increased by about 7% as the company successfully navigated higher tariffs with its vendors. But industry challenges, such as a pullback in discretionary spending and higher memory chip costs, continue to take a toll on the company, keeping the stock flat year to date.

Barry said she's learned a "lesson of resiliency" during her tenure.

"It is human nature to believe and want to go back to normalcy, ... and in my seven years, I've changed my mindset to instead [think], how do you create the most resilient organization possible that can face anything that's thrown its way?"

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Brooke DiPalma is a reporter for Yahoo Finance. Follow her on X at @BrookeDiPalma or email her at bdipalma@yahoofinance.com.

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