Best Buy Co., Inc. has appointed Sharon McCollam chief administrative and chief financial officer, effective December 10. McCollam is the retired director, executive vp, chief operating and chief financial officer of Williams-Sonoma, Inc., Best Buy stated.
McCollam left Williams-Sonoma earlier this year after serving as an executive officer for more than 12 years, Best Buy noted.
In her new position, McCollam will influence and shape all aspects of Best Buy’s operations and transformation strategy, the retailer said. McCollam, in addition to her proven financial leadership, arrives at struggling Best Buy with broad retail and multi-channel operational expertise that will be highly relevant to the electronics retailer’s transformation, it asserted. She will assume responsibilities including all aspects of global finance, strategic planning and corporate development, shared services and oversight of Best Buy’s real estate portfolio.
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,” said Hubert Joly, president and chief executive officer of Best Buy. “Sharon is just that person. 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.”