Oct 9 Best Buy Co Inc's chief financial
officer, James Muehlbauer, is leaving the embattled retailer
after more than a decade, the company said on Tuesday.
Best Buy, which appointed a new chief executive in late
August, said it was looking for a replacement.
"Given the unique relationship between a CEO and CFO, it is
not uncommon for a new CEO to bring in his own person," said
Best Buy spokesman Matt Furman. Furman could not say where
Muehlbauer would go next.
Muehlbauer, 50, has been CFO at the company for four years
and joined the company in 2002. He will stay through fiscal
2013, which ends on Feb. 3, unless both parties agree to an
Muehlbauer will get a lump sum of $1.4 million, including
two years of his base salary, and other benefits, according to a
regulatory filing detailing his separation package.
Best Buy, the world's largest consumer electronics store
chain, replaced its chief executive after former CEO Brian Dunn
left abruptly due to an ethics probe.
The new CEO Hubert Joly, a Frenchman, is trying to turn
around a company whose stores are often showrooms for online
retailers like Amazon.com Inc, as shoppers go there to
check out products like high-definition televisions then buy
them elsewhere for less.
The company's founder, former CEO and largest shareholder
Richard Schulze and at least four private equity firms have
begun to look at Best Buy's books, early steps toward a
potential $11 billion buyout, sources told Reuters last week.