November 12, 2012
Best BuyStaff Writer
MINNEAPOLIS, November 12, 2012 – Best Buy Co., Inc. (NYSE: BBY), the leading multi-channel retailer of technology products and services, today announced that Sharon McCollam, the retired Director, Executive Vice President, Chief Operating and Chief Financial Officer of Williams-Sonoma, Inc., will join the company as its new Chief Administrative and Chief Financial Officer, effective December 10, 2012. McCollam, 50, left Williams-Sonoma earlier this year after serving as an executive officer for more than 12 years.
As the Chief Administrative and Chief Financial Officer, McCollam will influence and shape all aspects of Best Buy’s operations and transformation strategy. In addition to her proven financial leadership, McCollam also brings broad retail and multi-channel operational expertise that will be highly relevant to Best Buy’s transformation. She assumes 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.
As Chief Financial Officer, she succeeds James Muehlbauer, whose departure was announced last month. Muehlbauer will leave the company at the end of this fiscal year, allowing for a smooth transition.
Throughout her time at Williams-Sonoma, McCollam played an influential, cross-functional role and was broadly recognized for her efforts in transforming the company’s financial and operating disciplines and ensuring its strategic initiatives were in line with shareholder interests. During her tenure, the company grew to be regarded by the financial markets as a role model in execution, due largely to the consistent delivery of sustainable operating improvements and strong financial results.
She played a key role in shepherding the company through both high-growth and recessionary times and, along with the Williams-Sonoma leadership team, was credited with building one of the strongest and most profitable home furnishings retailers in the world.
“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,” said Hubert Joly, president and chief executive officer of Best Buy. “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,” Joly added. “We are delighted she agreed to leave her retirement to help us steer this great company and I know we all look forward to Sharon becoming a member of our executive team as we continue to reinvigorate Best Buy and grow it for the future.”
“I am thrilled to be joining Hubert and the Best Buy team during this critical time in the company’s history. Best Buy is an iconic brand built on a foundation of core values that I believe in and admire,” said McCollam. “It is an organization that takes pride in exceeding customer expectations, respecting and valuing its people, and maintaining the highest levels of humility and integrity in everything they do. As I come from such a culture, I know how powerful it is. It is undefeatable because it is built on values that people cherish and want to protect. That is why I am so proud to be joining this team and excited to be stepping back into such an exceptional opportunity that not only allows me to leverage my broad retail expertise but also to participate in one of the most exciting transformations in retail today. I could not be more ready to take on this challenge and create the kind of change that will inspire our customers, our employees, and shareholders,” McCollam added.
McCollam currently serves on a number of boards, including Art.com (the world’s largest online specialty retailer of high-quality wall art), Privalia Venta Directa, S.A (a European online retailer of apparel and accessories) and Sutter Health, a non-profit network of hospitals and doctors in northern California.
About Best Buy Co., Inc.
Best Buy Co., Inc. (NYSE: BBY) is the global leader in consumer electronics with more than 1,400 locations, $50B in annual revenue and the 11th largest retail website. Our nearly 170,000 employees are committed to helping deliver the technology solutions that provide value, enabling access to people, knowledge, ideas and fun – whether online, in-stores and via their mobile devices. Our competitive prices, vast assortment of products and services, highly knowledgeable staff and industry leading physical and digital assets make us the best value for consumers. To learn more about Best Buy, visit us at www.investors.bestbuy.com. Shop us at http://www.bestbuy.com/ or stop by one of our stores to touch, test and try the latest technology. Find us on Facebook at https://www.facebook.com/bestbuy and follow us on Twitter at @BestBuy.
Bill Seymour – Vice President, Investor Relations
Mollie O’Brien – Director, Investor Relations
Amy von Walter – Senior Director, Public Relations