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Market Movers

Ailing Best Buy picks new CFO

Shares of Best Buy, the world’s largest consumer-electronics retailer, had fallen 35 percent this year through Friday. The company had a $1.2 billion net loss in its latest fiscal year.

Brendan McDermid/Reuters/File 2012

Shares of Best Buy, the world’s largest consumer-electronics retailer, had fallen 35 percent this year through Friday. The company had a $1.2 billion net loss in its latest fiscal year.

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A former Williams-Sonoma chief financial officer, Sharon McCollam, will be CFO and chief administrative officer of Best Buy as it seeks to close stores, beef up online sales, and lift profit. CEO Hubert Joly took over in September as Best Buy resisted buyout overtures from its founder; Joly meets analysts Tuesday to discuss his strategy to revive the chain.

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