Best Buy hires ex-Williams-Sonoma exec as CFO

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Associated Press

Posted on November 12, 2012 at 9:00 AM

Updated Monday, Nov 12 at 9:02 AM

NEW YORK (AP) — Struggling consumer electronics chain Best Buy says a former Williams-Sonoma executive will become its new chief financial officer beginning Dec. 10.

It's the latest executive move for the Minneapolis company since turnaround expert Hubert Joly joined as CEO in August.

Best Buy is trying to reverse a decline in its business due to a weak global economy and tough competition from online stores and discounters.

Fifty-year-old Sharon McCollam had been chief operating officer and chief financial officer at the home goods retailer before retiring. She also takes the title of chief administrative officer at Best Buy.

She replaces James Muehlbauer, who said he was leaving in October. Muehlbauer will continue to advise the company until the end of the fiscal year in February.

Best Buy Co. shares rose 3.1 percent to $15.77 in morning trading.

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