Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, July 24, 2013

OfficeMax CFO departs to take same post at Supervalu, (NYSE: ODP), (NYSE: SVU)

OfficeMax Inc said Wednesday that Chief Financial Officer Bruce Besanko would leave the third-largest U.S. office supply chain next month to take up the same post at supermarket operator Supervalu Inc.The retailer, which is awaiting regulatory approval for its proposed merger with larger rival Office Depot Inc, named Deb O'Connor, senior vice president, finance and chief accounting officer, as interim CFO effective Aug. 7.The news comes during the back-to-school season, the most important period of the year for OfficeMax."We believe the departure of Mr. Besanko could create some confusion and distraction for OfficeMax at a time when the company is undergoing a planning process for the pending merger with Office Depot and is in the midst of its busiest selling season," Citi analyst Kate McShane wrote in a note to clients.

Office Depot, Inc. (Office Depot) is a global supplier of office products and services. Shares of ODP fell by 1.14% or $-0.05/share to $4.35. In the past year, the shares have traded as low as $1.51 and as high as $6.10. On average, 6797440 shares of ODP exchange hands on a given day and today's volume is recorded at 724377.

SUPERVALU INC. (SUPERVALU) is a United States grocery channel. Shares of SVU traded higher by 2.46% or $0.19/share to $7.92. In the past year, the shares have traded as low as $1.68 and as high as $8.26. On average, 5667880 shares of SVU exchange hands on a given day and today's volume is recorded at 1564646.



Source