UPDATE 2-Best Buy CFO departing, company to look for replacement

(Adds comments from company spokesman)

Oct 9 (Reuters) - Best Buy Co Inc's chief financial officer, James Muehlbauer, is leaving the embattled retailer after more than a decade, the company said on Tuesday.

Best Buy, which appointed a new chief executive in late August, said it was looking for a replacement.

"Given the unique relationship between a CEO and CFO, it is not uncommon for a new CEO to bring in his own person," said Best Buy spokesman Matt Furman. Furman could not say where Muehlbauer would go next.

Muehlbauer, 50, has been CFO at the company for four years. He will stay through fiscal 2013, which ends on Feb. 3, unless both parties agree to an earlier termination.

Best Buy, the world's largest consumer electronics store chain, replaced its chief executive after former CEO Brian Dunn left abruptly due to an ethics probe.

The new CEO, Frenchman Hubert Joly, is trying to turn around a company whose stores are often showrooms for online retailers like Amazon.com Inc , as shoppers go there to check out products like high-definition televisions but then buy them elsewhere for less.

(Reporting by Martinne Geller in New York; Editing by Matthew Lewis)

((martinne.geller@thomsonreuters.com)(646 223-6023)(Reuters Messaging: martinne.geller.reuters.com@reuters.net))

Keywords: BESTBUY CFO/