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News Summary: Best Buy hires new CFO

The Associated Press

THE NEWS: Consumer electronics chain Best Buy said Monday that former Williams-Sonoma executive Sharon McCollam will become its new chief financial officer beginning Dec. 10.

THE CONTEXT: She replaces Jim Muehlbauer who said he was leaving in October. It's the latest executive move for the Minneapolis company since turnaround expert Hubert Joly joined as CEO in August. Best Buy is trying to reverse a decline in its business due to a weak global economy and tough competition from online stores and discounters.

WHAT'S NEXT: Best Buy meets with analysts on Tuesday and will announce its fiscal third-quarter results Nov. 20.