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.

Chief Executive Officer Hubert Joly is hiring McCollam as he works to boost sales while reducing store space amid intensifying online competition. Joly, who took charge in September as the company resisted buyout overtures from founder Richard Schulze, is meeting with analysts tomorrow in New York to discuss his strategy to revive the retailer.

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