Best Buy to name former Williams-Sonoma exec as CFO -report

NEW YORK Sun Nov 11, 2012 7:29pm EST

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NEW YORK Nov 11 (Reuters) - Sharon McCollam, the former chief financial officer of Williams-Sonoma Inc, will be coming out of retirement to take over as the finance chief at Best Buy Co Inc at the end of the year, The Wall Street Journal reported on Sunday.

McCollam, 50, will join the world's largest consumer-electronics retailer amid a wide organizational restructuring under new Chief Executive Hubert Joly, and a looming buyout proposal by former chairman and founder Richard Schulze.

A representative for Best Buy declined to comment.

Best Buy last month said its chief financial officer, Jim Muehlbauer, was leaving the company at the end of the fiscal year and that it was searching for a replacement.

McCollam retired from Williams-Sonoma in March. She spent 12 years at the retailer, known for its eponymous cookware stores and the Pottery Barn and West Elm home chains, and held a variety of senior financial and operations management roles. Prior to that, McCollam was chief financial officer of Dole Fresh Vegetables Inc, a owned subsidiary of Dole Food Co Inc . News of McCollam's departure at the time sent shares of Williams-Sonoma down.

In July, McCollam was elected to the board of directors of U.S. office supplies chain OfficeMax Inc, where she also serves on the audit and executive compensation committees.

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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