Best Buy Co., Inc. (NYSE:BBY), the world’s largest electronics chain appointed Sharon McCollam to succeed Jim Muehlbauer as chief financial officer (CFO) of the company by the end of the year. She will also serve as chief administrative officer of Best Buy.
Best Buy Co., Inc. (NYSE:BBY) announced last month that Muelbauer is stepping down from his position by the end of 2012.
McCollam was a retired director, executive vice president, COO, & CFO of Williams-Sonoma, Inc. (NYSE:WSM) She came out of retirement, to join Best Buy amid an impending buyout proposal from Richard Schulze, former chairman and founder of the company. He is negotiating to purchase all the outstanding shares of the company for $11 billion, in order to regain full control, along with a consortium of private equity firms, including Cerberus Capital Management LP, TPG Capital LP, Apollo Global Management LLC (NYSE:APO), and Leonard Green & Partners LP are conducting due diligence on Best Buy Co., Inc. (NYSE:BBY) to buyout the company.
According to the company, McCollam has a proven financial leadership and broad, multi-channel operational expertise in retail, which is highly relevant to the company. MCCollam will be responsible for supervising the global finance, strategic planning, corporate development, shared service, and oversight of Best Buy’s real estate portfolio.
In a statement, Hubert Joly, president and CEO of Best Buy Co., Inc. (NYSE:BBY) said, “Anyone who has spent time working to turn a company around knows that few things matter more than having a world-class CFO, who also has deep operational experience. Sharon is just that person. During her dozen years with Williams-Sonoma, she exercised a level of operational and financial discipline that made the company the envy of the retail world. Her in-depth understanding of retail and e-commerce makes her an instantly powerful contributor to our transformation initiatives.”
In addition, Joly said he is delighted because McCollam agreed to leave her retirement to join the executive team of Best Buy Co., Inc. (NYSE:BBY).
On the other hand, McCollam said, “I am thrilled to be joining Hubert and the Best Buy Co., Inc. (NYSE:BBY) team during this critical time in the company’s history. Best Buy is an iconic brand, built on a foundation of core values that I believe in and admire.”
According to her, she is excited to step back into an exceptional opportunity to leverage her broad expertise in the retail industry and to participate in the most exciting transformation in retail. I could not be more ready to take on this challenge and create the kind of change that will inspire our customers, our employees, and shareholders,” McCollam added.
McCollam is a member of the board of several companies; including Art.com, the largest online retailer of high-quality wall arts; Privalia Venta Directa; S.A, a European online retailer of apparel and accessories, and Sutter Health, a non-profit network of hospitals and doctors in northern California.