Best Buy Co. Inc. has hired a former top executive at Williams-Sonoma as its new chief financial officer, the Star Tribune has learned.
The Richfield-based consumer electronics retailer will announce Monday that Sharon McCollam, a former chief operating officer and CFO at Williams-Sonoma, will join Best Buy, according to a source close to the situation.
The move will cement CEO Hubert Joly's senior leadership team as he prepares to meet investors for the first time in New York on Tuesday. Founder Richard Schulze is expected to soon launch an $8 billion to $10 billion bid to take Best Buy private. Last month, Best Buy appointed Shawn Score, who previously oversaw Best Buy's Connectivity strategy and Best Buy Mobile format, as head of its core U.S. retail operations.
Under Joly, who joined Best Buy in September, CFO Jim Muehlbauer, chief administrative officer Tim Sheehan and executive vice president Mike Vitelli have all left the firm.
McCollam's appointment will likely please Wall Street. A highly regarded retail executive, she was once mentioned by several analysts as a possible candidate to lead Best Buy after Brian Dunn resigned in April.
McCollam's hiring means Best Buy's senior leadership will include three women, including executive vice presidents Carol Surface, who runs human resources, and international chief Shari Ballard, not a small feat for a company that has consistently struggled to develop female talent and attract female customers.
Thomas Lee • 612-673-4113