Muehlbauer Leaves Best Buy, Hunt On For New CFO
Thursday October 11th, 2012 - 10:47AM
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Best Buy Co., Inc. is conducting a search for a new CFO after Jim Muehlbauer, who has worked for the company since 2002 and recently held that title, announced that he is leaving the company. Muehlbauer will continue to work with the company through the end of the 2013 fiscal year, the retailer stated.
Best Buy lately has struggled with poor results and executive departures. Brian Dunn, former CEO, departed the company this spring after the company’s board of directors determined he had an inappropriate relationship with another employee. Chairman of the board Richard Schulze resigned his leadership position soon after but subsequently initiated a plan to take the company private.
In the ongoing executive shuffle, Hatim Tyabji was named board chairman. In August, Best Buy appointed Hubert Joly president and CEO. He had been CEO of Carlson, the worldwide hospitality and travel company. Early this month, the company announced that it had hired Scott Durchslag as senior vp/Best Buy and president online and global e-commerce. Prior to accepting the Best Buy position, Durchslag was president of Expedia Worldwide.
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Dissecting what Ron Johnson got wrong during his brief, calamitous term at the helm of J.C. Penney is sure to be the focal point of retail strategy and tactics lessons for years to come. But Penney’s future could still hinge to some extent on what he got right.