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Best Buy Names New CFO

Minneapolis — Best Buy has appointed Williams-Sonoma veteran Sharon McCollam as chief administrative officer and chief financial officer, effective Dec. 12.

She succeeds Jim Muehlbauer, whose February departure date was announced last month. He will stay on through the end of the current fiscal year to assist in a smooth transition, Best Buy said.

McCollam, 50, left Williams-Sonoma earlier this year after serving in executive roles at the upscale home-furnishings chain for more than 12 years.

In her new position at Best Buy, McCollam will “influence and shape all aspects of the company’s operations and transformation strategy,” the retailer said, including global finance, strategic planning and corporate development, shared services and oversight of the CE chain’s real estate portfolio.

“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,” said Best Buy president/CFO Hubert Joly. “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.”

McCollam is the latest addition to a newly emerging executive team that Joly began building soon after joining Best Buy in September.