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.