Best Buy Names New CFO12 Nov, 2012 By: Erik Gruenwedel
Best Buy Co. Nov. 12 named Sharon McCollam as its new chief financial officer and chief administrative officer, effective Dec. 10.
McCollam, who replaces CFO Jim Muehlbauer, left Williams-Sonoma earlier this year after serving as CFO and other executive positions for more than 12 years. Muehlbauer will leave the consumer electronics retailer at the end of the fiscal year (Jan. 31, 2013).
McCollam will influence and shape all aspects of Best Buy's operations and transformation strategy, according to Best Buy.
The CE chain, which is experiencing heightened competition from e-commerce competitors, in addition to a fickle consumer, believes McCollam’s broad retail and multichannel operational expertise will be highly relevant to its transformation from a big-box store to medium-sized CE retail footprint with a strong e-commerce presence.
She assumes a number of responsibilities, including all aspects of global finance, strategic planning and corporate development, shared services and oversight of Best Buy's real estate portfolio. McCollam reports to CEO Hubert Joly in Minneapolis, Minn.
“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,” Joly said in a statement. “During her dozen years with Williams-Sonoma, she exercised a level of operational and financial discipline that made that 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.”