Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) On April 24, 2023, in accordance with the director retirement policy within the Corporate Governance Principles of Best Buy Co., Inc. (“Best Buy” or the “registrant” or the “Company”), director Thomas L. Millner tendered a letter to the registrant’s Board of Directors (the “Board”), stating his intent to retire from, and not stand for re-election to, the Board effective as of the end of his term on June 14, 2023, the date of the Company’s Regular Meeting of Shareholders. The Company’s Corporate Governance Principles require a non-executive director to tender a letter of resignation at the expiration of their term five years after having ceased to pursue the primary career they were pursuing at the time they were first appointed to the Board. Consistent with the Company’s Corporate Governance Principles, the Board accepted Mr. Millner’s tender to retire.

Mr. Millner has served as a director since January 2014 and is the Audit Committee Chair and a member of the Nominating, Corporate Governance and Public Policy Committee. The Board has appointed Mr. Mario J. Marte, a current member of the Company’s Audit Committee, to be the Audit Committee Chair effective as of Mr. Millner’s retirement.

Mr. Millner did not indicate any disagreements with the Company or the Board in conjunction with his resignation.