AP News

Valspar hires former Best Buy exec as new CFO

MINNEAPOLIS (AP) — The former CFO of Best Buy, James Muehlbauer, has landed a new job as chief financial officer at paint company Valspar Corp.

He replaces the company's current CFO, Lori Walker, who is retiring in April, Valspar said Monday. Walker joined the company in 2000 and was named CFO in 2008.

Muehlbauer, 51, will be Valspar's executive vice president and chief financial and administrative officer beginning on March 11.

Best Buy Co. announced that he was leaving the struggling electronic retailer last October.

Valspar CEO Gary Hendrickson cited Muehlbauer's experience with large global businesses and with retail and consumer brands.

Valspar and Best Buy are both based in Minneapolis.

Shares of Valspar increased 40 cents to close at $61.66 Monday, in line with broader market trends.

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