New Best Buy CFO's goal is "transformation of decade"

martedì 13 novembre 2012 00:24
 

By Dhanya Skariachan

NEW YORK (Reuters) - For former Williams-Sonoma finance chief Sharon McCollam, coming out of retirement to take the same job at struggling retailer Best Buy was not a tough decision.

The challenge of pulling off "the transformation of the decade in retail" pushed McCollam, 50, to return to the corporate battlefield, she said in an interview on Monday.

Investors welcomed the appointment of the seasoned retail executive, sending shares of Best Buy (BBY.N: Quotazione) up by 4.2 percent to $15.94 on Monday.

"I know that the company is going to reinvent itself and I came out of retirement because I believe that this is going to be one of the most exciting and important, beautiful transformations that you will see today," she said.

McCollam, who is well regarded on Wall Street, said retail is in her DNA. She has her job cut out for her.

Best Buy Co Inc, the world's largest consumer electronics chain, has posted same-store sales declines in eight of the last nine quarters.

Critics argue that its stores are hurting because they've become showrooms for Amazon.com Inc (AMZN.O: Quotazione) and other online chains as shoppers check out electronics like high-definition TVs, then buy them elsewhere for less.

McCollam argues that the threat of showrooming is overstated, echoing Best Buy Chief Executive Hubert Joly, who joined the company in September.   Continua...

 
<p>A building is reflected in the glass of a Best Buy store in New York August 21, 2012. REUTERS/Brendan McDermid</p>