Best Buy CFO to leave, retailer looks for new one

MINNEAPOLIS -- Best Buy says 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 next year.

He will continue to advise the company until the end of the 2013 fiscal year.

Minneapolis-based Best Buy named a new CEO, turnaround expert Hubert Joly, in late August after former CEO Brian Dunn left in April.