Best Buy Names New CFO

Sharon McCollam, a retired Williams-Sonoma Inc. executive, will join the Best Buy team as the new chief administrative and chief financial officer. She succeeds James Muehlbauer, whose departure was announced last month.

McCollam, who was William-Sonoma's executive vice president, chief operating and chief financial officer for more than 12 years, will influence and shape all aspects of Best Buy's operations and transformation strategy, according to a company press release. She will assume a number of responsibilities including all aspects of global finance, strategic planning and corporate development, shared services and oversight of Best Buy's real estate portfolio.

"Anyone who has spent time working to turn a company around knows that few things matter more than having a world-class CFO who also has deep operational experience. Sharon is just that person," Hubert Joly, president and CEO of Best Buy, said in the release. "During her dozen years with Williams-Sonoma, she exercised a level of operational and financial discipline that made that company the envy of the retail world. Her in-depth understanding of retail and e-commerce makes her an instantly powerful contributor to our transformation initiatives."

McCollam officially begins her role at Best Buy on Dec. 10.