Best Buy losing chief financial officer
BY AP Wire Service
Wednesday, October 10, 2012
10/10/12 at 2:58 AM
MINNEAPOLIS (AP) - Best Buy said Tuesday that its chief financial officer is leaving, the latest executive departure for the struggling electronics chain.
The news comes as Best Buy's founder and former chairman Richard Schulze mulls an offer for the company, which is attempting to improve results amid tough competition.
Best Buy says it is seeking a new chief financial officer to replace James Muehlbauer. Muehlbauer, who joined Best Buy in 2002, became interim CFO in 2007 and was named to the post permanently the following year.
He will advise the company until the end of the 2013 fiscal year, which ends Feb. 3.
Muehlbauer will receive a lump sum payment of $1.4 million as part of his separation benefits.
It's the second major personnel move this month since turnaround expert Hubert Joly joined the company in August. Former CEO Brian Dunn left in April amid a company investigation into an "improper relationship" with a 29-year-old female employee.
Last week the company named Expedia executive Scott Durchslag as senior vice president of Best Buy and president of online and global e-commerce.
Best Buy is fighting to reverse a decline in its business due to a weak global economy and consumers' changing shopping habits. Customers increasingly use Best Buy to browse for electronics, then buy them cheaper online or elsewhere.
Original Print Headline: Financial officer departing Best Buy line, 30 point, 3 col. head please