UPDATE 1-Best Buy to name former Williams-Sonoma exec as CFO-source
NEW YORK Nov 11 (Reuters) - Sharon McCollam, the former chief financial officer of Williams-Sonoma Inc, will come out of retirement to take over as finance chief at Best Buy Co Inc at the end of the year, a source familiar with the matter said.
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. The source declined to be identified as the appointment has not been made public.
Best Buy, whose shares have fallen 34.5 percent so far this year, compared with a 9.7 percent gain in the S&P 500 Index , is under pressure as it grapples with competition from cheaper online retailers.
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.