Report: Best Buy to name new CFO

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.
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Best Buy will announce Monday that have hired a new Chief Financial Officer, the Star Tribune reported.

A source told the Star Tribune that Sharon McCollam, a former CEO and CFO at cookware retailer Williams-Sonoma, will take the CFO position at the Richfield-based electronics retailer.

McCollam's hiring comes two months after Best Buy made former Carlson Companies chief Hubert Joly their CEO. McCollam will reportedly join Joly in New York Tuesday as the CEO meets investors for the first time.

The investor's meeting was scheduled to take place Nov. 1 but was postponed because of Hurricane Sandy.

The hire comes as Best Buy navigates shaky ground, financially. The company's founder, Richard Schulze, was expected to make an offer for Best Buy this week, but reportedly will take up to 30 more days before submitting his final proposal.

The company's stock hit dropped to its lowest level in 10 years last month.

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