Best Buy to Hire Ex-Williams Sonoma CFO as Finance Chief

Sunday, 11 Nov 2012 06:32 PM

 

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Best Buy Co. is hiring Sharon McCollam, the former chief financial officer of Williams-Sonoma Inc., as its CFO, according to a person with knowledge of the matter.

The appointment of McCollam will be disclosed publicly Monday, said the person, who asked not to be named as the announcement isn’t public. She retired from home-goods retailer Williams-Sonoma in March. The Wall Street Journal reported the appointment earlier.

The electronics chain is revamping operations under new Chief Executive Officer Hubert Joly, who is accelerating the introduction of smaller stores and closing big-box locations. McCollam attracted praise during her tenure at Williams-Sonoma for reducing store count following an overexpansion, the WSJ said.

Matt Furman, a Best Buy spokesman, didn’t immediately return a call seeking comment. Jim Muehlbauer, Best Buy’s current finance chief, said last month that he would step down from the role.

Best Buy, based in Richfield, Minnesota, posted a $1.2 billion net loss in its latest fiscal year and said Oct. 25 that fiscal third-quarter profit will probably be “significantly” below last year’s results as sales at established stores decline. Founder Richard Schulze, who resigned as chairman in June, offered to take the company private at $24 to $26 a share two months later.

Schulze, 71, later reached an agreement with the company on conducting due diligence on a possible deal. Best Buy shares closed at $15.30 in New York on Friday.

© Copyright 2014 Bloomberg News. All rights reserved.

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