Best Buy Co. hired former Williams-Sonoma Inc. Chief Financial Officer Sharon McCollam as CFO as the world’s largest consumer-electronics retailer seeks to reduce its store count and strengthen its online operations.
McCollam, 50, starts Dec. 10 and also will serve as chief administrative officer, Best Buy said today in a statement. She retired from Williams-Sonoma in March. Jim Muehlbauer, Best Buy’s current finance chief, said last month that he would step down from the role.
“Sharon McCollam’s hiring is a major step in the right direction for Best Buy, as we cannot envision anyone better suited for the challenges the company faces,” Chukumba wrote today in a note. He rates the shares hold. “She is experienced in shrinking a retail store base and developing a higher-margin e-commerce distribution channel -- two of Best Buy’s most pressing needs.”