Best Buy looking for new CFO

Best Buy says its seeking a new chief financial officer after James Muehlbauer announced he was leaving the company. Muehlbauer joined Best Buy in 2002, became interim CFO in 2007 and was given the permanent title last year.

Author:
BMTN Staff
Updated:
Mar 8, 2018
Original:
Oct 9, 2012

Best Buy says its seeking a new chief financial officer after James Muehlbauer announced he was leaving the company, the Associated Press reports.

Muehlbauer joined Best Buy in 2002, became interim CFO in 2007 and was given the permanent title last year. According to a filing with the Securities and Exchange Commission, Muehlbauer will receive a lump sum payment of $1.4 million as part of his separation benefits.

The personel change comes after Hubert Joly was hired as CEO in late August.

Best Buy's founder Richard Schulze and at least four private equity firms are in the early stages of what could end up being an $11 billion buyout plan.

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Best Buy will announce Monday that have hired a new Chief Financial Officer, the Star Tribune reports. A source told the paper that Sharon McCollam, a former CEO and CFO at cookware retailer Williams-Sonoma, will take the CFO position at the Richfield-based electronics retailer.

Ryan Robinson, who serves as Best Buy's No. 2 finance official and chief financial officer of its U.S. business unit, is joining MedExpress as its new CFO. He's among a growing list of executives departing the troubled Richfield-based electronics giant, including International CFO Dave Deno.

Richfield-based Best Buy will spend about $1.6 billion to take complete control of Best Buy Mobile. Bloomberg reports Best Buy will announce the deal to buy Carphone Warehouse Group's 50 percent share on Monday.

Jody Feragen is nominated for the CFO magazine Women in Finance Awards. She was named vice president and chief financial officer for the Austin-based food producer in 2007. The awards will be presented May 15.

The new tablet is intended to compete with Apple's iPad -- but at a more attractive price. It's now available for pre-order at Best Buy’s stores and website.

The search giant is joining with retailers such as Best Buy and Macy's to create Web-based circulars, similar to what appears in your Sunday paper. The service will display custom ads based on your location and search topics. Best Buy hopes the new ads will get Web surfers into their stores. Researchers says the new ads will likely give Google an even greater share of the online ad market.

Hubert Joly, Best Buy's new new president and CEO, officially joined the troubled Richfield-based consumer electronics giant on Tuesday, the Star Tribune reports. Joly, a native of France, is the first chief executive officer at Best Buy recruited from outside of the company. He most recently led the Minnetonka-based hospitality and travel company Carlson. Joly will begin his new role at Best Buy on the sales floor of several stores in the Twin Cities metro. He tells Reuters, "I want to not learn our businesses from the headquarters. I want to learn from the front line."

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