Best Buy Looks Within for New CFO

Best Buy July 24 announced that Matt Bilunas, SVP of enterprise and merchandise finance, will be promoted to CFO effective July 29.

Previous CFO Corie Barry became the first female CEO of Best Buy in June in conjunction with Hubert Joly’s transition to executive chairman of the board.

A 13-year veteran of Best Buy, Bilunas has held both corporate and field roles along with domestic and international positions. Since 2017, he has been responsible for the company’s planning processes, including strategic planning, annual budgeting, monthly forecasting and capital planning.

Matt Bilunas

“Matt has been a key finance leader for a number of years and has played a very important role in creating and implementing our growth strategy,” Barry said in a statement. “After working closely with him for more than a decade, I trust him and am completely confident that his experience, skills and commitment to the company’s continued growth make him the perfect choice for this role.”

Bilunas joined Best Buy in 2006 as a director of territory finance based in Los Angeles. He later served as a director of international finance, senior director of enterprise finance, VP of e-commerce and marketing finance and VP of merchandise, e-commerce, marketing and ee-commerce finance.

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Prior to Best Buy, Bilunas worked at Carlson Companies, NRG Energy, Bandag and KPMG. He holds a bachelor’s degree in accounting from Iowa State University.

Activision Blizzard’s Spencer Neumann Expected to Become New Netflix CFO

Netflix is reportedly set to announce the hiring of Spencer Neumann as its new CFO, replacing long-time chief executive David Wells, who is leaving the company, according to Reuters, which cited sources familiar with the situation.

Neumann, who has been CFO of Activision Blizzard for less than two years, was put on paid leave Dec. 31 by the Los Angeles-based video game publisher, according to a regulatory filing.

Prior to Activision, Neumann held management positions at Disney’s theme park and television units.

A Netflix spokesperson wasn’t immediately available for comment.

 

Trans World Entertainment Promotes Edwin Sapienza to CFO

Trans World Entertainment Corp., parent of the F.Y.E. home entertainment retail chain, disclosed in an Oct. 29 regulatory filing the promotion of veteran executive Edwin Sapienza to the vacant CFO position following Oct. 10 passing of John Anderson.

Sapienza, 48, has been secretary and treasurer at TWEC since 2012 – positions he will continue going forward. He joined TWEC as a staff accountant in 1993.

In addition to a base salary of $280,000, Sapienza received stock options to purchase 50,000 shares of common stock, in addition to 20,000 shares of restricted stock.

CFO David Wells Leaving Netflix

Netflix Aug. 13 announced that CFO David Wells plans to step down after helping the company choose his successor. The search will include both internal and external candidates. Wells, who joined Netflix in 2004 and has served as CFO since 2010, intends to stay until his successor is found.

“It’s been 14 wonderful years at Netflix, and I’m very proud of everything we’ve accomplished,” Wells said in a statement.

Wells, who has made a small fortune through stock options during Netflix’s meteoric rise, said his next chapter in life will focus on philanthropy.

“I like big challenges, but I’m not sure yet what that looks like,” he said.

“David has been a valuable partner to Netflix and to me. He skillfully managed our finances during a phase of dramatic growth that has allowed us to create and bring amazing entertainment to our members all over the world while also delivering outstanding returns to our investors,” said co-founder/CEO Reed Hastings. “I look forward to working with him during the transition as we identify a new CFO who will help us continue to pursue our ambitious goals.”