Supervalu Inc has appointed Bruce Besanko as CFO to replace Sherry Smith who announced her departure from the retailer in April.
Besanko, previously CFO for US office supplies firm OfficeMax, will take up the role on 7 August. Prior to his role with OfficeMax, Besanko held chief finance office roles with Circuit City Stores and The Yankee Candle Co.
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Supervalu CEO Sam Duncan said: “I’m very excited to welcome Bruce to Suprvalu. Having worked with him during a successful turnaround at OfficeMax, I know firsthand of his talent, financial acumen, commitment to success and overall work ethic – all of which will be critical as we continue our rebuilding efforts here at Supervalu.”
Supervalu is undergoing a period of change after selling off five of its chains. In March, it announced plans to cut 1,100 jobs from the new-look business.
In January, it struck a deal to offload its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores to a consortium led by private-equity group Cerberus Capital Management in a deal worth $3.3bn. Around 870 outlets were included in the transaction.
Earlier this month, the retailer revealed it had more than doubled its first-quarter earnings reflecting improved operating margins and a gain from the sale of the five retail grocery banners.
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