Best Buy Co., Inc. (NYSE:BBY), the world’s largest electronics chain announced that Jim Muehlbauer, executive vice-president and chief financial officer is stepping down from his position, and it is searching for a professional who will serve as the new CFO of the company.

Best Buy

According to the company, Muehlbauer will continue to serve the company until the end of 2013. He joined Best Buy Co., Inc. (NYSE:BBY) in 2002.

In a statement, Huber Joly, president and chief executive officer of Best Buy Co., Inc. (NYSE:BBY) said, “Jim is leaving Best Buy after more than a decade with the company. We thank him for his many contributions and, of course, wish him well in the future. I have no doubt that whoever we chose to succeed Jim will have his high degree of integrity and passion for our business.”

On the other hand, Muehlbauer expressed his appreciation for having the opportunity to serve the company for more than a decade, and he looks forward in supporting a smooth and orderly transition to his successor as chief financial officer.

Best Buy implemented strategies to turn around the company’s financial performance. Observers believe that Muehlbauer’s departure is part of the company’s turnaround strategy.  Hubert Joly joined Best Buy as chief executive officer from Carlson Cos., a travel and hospitality company.

Best Buy Co., Inc. (NYSE:BBY) suspended its earnings outlook after experiencing 52 percent profit decline during the previous quarter this year ending in August. The company reported $124 million in operating income on $10.5 billion revenue.

Following the disappointing sales performance of Best Buy, the board of directors gave due diligence to Richard Schulze to submit a proposal to purchase the outstanding shares of the company. Schulze is the founder of Best Buy and holds approximately 20 percent stake in the company. He is examining the books of the company along with Credit Suisse Group AG (NYSE:CG).

A previous report indicated that Schulze is negotiating an $11 billion buyout. Some of the private equity firms also conducting due diligence on Best Buy Co., Inc. (NYSE:BBY) include Cerberus Capital Management LP, TPG Capital LP, Apollo Global Management LLC (NYSE:APO) and Leonard Green & Partners LP.