Skip to main content

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.
  • Author:
  • Updated:
    Original:

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.

Next Up

Karl-Anthony Towns
MN Timberwolves

Timberwolves survive Knicks' second-half barrage to get back to .500

Karl-Anthony Towns' lay-in helped Minnesota get a win in The Garden.

FLickr - crime scene tape do not crozz
MN News

Charges: MN teen shot mom after dispute over meth

The girl's mother said there had been a dispute over methamphetamine.

bad roads, blizzard
MN News

No travel advised: High winds, whiteout conditions in NW MN

Zero visibility in parts of greater Minnesota Tuesday night.

holy angels high school j nelson
MN News

Update: Holy Angels evacuated over bomb threat, school says

Someone left a voicemail early Tuesday suggesting there was an explosive device.

radio station, microphone
MN News

Convicted stalker charged with harassment of another DJ at The Current

He pleaded guilty to similar charges involving the DJ's colleague back in 2015.

Mall of America exterior Tyler Vigen Wikimedia COmmons
MN Shopping

10 new shops, food stops at Mall of America

Donuts, K-fashion, model cars — the new tenants cover a lot of bases.

Gophers basketball
MN Gophers

Gophers fall below roster minimum, postpone Penn State game

It is "due to internal COVID-19 protocols within the Golden Gopher program."

Raheem Morris
MN Vikings

Report: Vikings request interview with Rams' Raheem Morris

Morris was once the youngest head coach in the NFL at 33 years old.

train crossing S Boardman Ave, New York Mills, Minnesota - August 2013 crop GSV
MN News

Sheriff: Drunk driver crashed trying to 'beat the train'

The BNSF train slammed into the side of the driver's car.

ambulance
MN News

Man run over after parking dispute leads to road rage crash

The two groups fought about parking prior to the crash.

hwy 41 engler boulevard crash crop
MN News

Deadly crash shuts down small stretch of Chaska highway for hours

A driver crossed over the center median and hit another vehicle.

covid test 6
MN Coronavirus

You can now order 4 free at-home COVID tests from the government

Tests will ship for free within 7-12 days, according to the White House.

Related

MN News

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.

MN News

Valspar hires ex-Best Buy CFO Muehlbauer

MN News

Best Buy CEO presents vision to analysts, investors in New York City

Best Buy's new Chief Executive Officer Hubert Joly outlined his five-point strategy, called "Renew Blue," to turn around the Richfield-based consumer electronics chain before he met with Wall Street investors in New York Tuesday afternoon, the Business Journal reports.

MN News

Best Buy's new boss starts retail gig

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."

MN News

Best Buy's new CEO gets $20M+ pay package

Hubert Joly, the newly appointed CEO at the troubled Richfield-based electronics retailer will earn a base salary of $1.175 million in his first year, CNN Money reports. He will also receive a mix of cash and stock options worth $20 million, according to the Pioneer Press. Joly takes the reins of Best Buy next month.

MN News

Schulze to interview key Best Buy executives

Despite some opposition from board members, Best Buy CEO Hubert Joly has agreed to let company founder Richard Schulze and his team of potential investors to interview eight to 10 key executives, the Star Tribune reports. Schulze, Best Buy's largest shareholder, has until mid-November to make a buyout offer to take the struggling Richfield-based electronics retailer private. He is under a 60-day deadline to present a proposal to the company’s Board of Directors.

MN News

Best Buy hires Carlson chief Joly as new CEO

Hubert Joly, the French-born businessman who was the first non-family member to run the Carlson Companies, is leaving to take the top job at Best Buy Co. During emergency meetings over the weekend, Carlson's board selected chief financial officer Trudy Rautio, a 15-year Carlson executive, to be the company's next president and chief executive officer.

MN News

Best Buy selects CEO search committee

Four board members will lead the global search for a new chief executive officer at the Richfield-based electronics retailer. Brian Dunn resigned from the leadership position amid an investigation into his personal conduct. Interim CEO Mike Mikan is considered a candidate to permanently replace Dunn. Best Buy expects the search process to take six to nine months.