OfficeMax Reports Q4 Income Decline, Announces Exec Changes
Itasca, Ill., OfficeMax posted fourth-quarter net income of $0.7 million, compared to $6.9 million in the same quarter last year. For the full year, the chain posted net income of $173.1 million, up from $8.3 million in the full year 2003. Sales for the quarter increased to $2.69 billion, up from $2.35 billion in the fourth quarter last year. For the year, sales increased to $13.3 billion, up from $8.25 billion.
The company had delayed its financial report for several weeks.
The company also shuffled its executive line-up.
OfficeMax named John Jennings VP and treasurer. Jennings will have responsibility for finance, cash management, investor relations and risk management. Prior to joining OfficeMax, Jennings held the VP, investor relations position with Caremark Rx, Inc. since 2003. Previously, Jennings held treasury, investor relations and strategy positions with CVS Corp.
OfficeMax also named Randy G. Burdick CIO. Burdick previously held the group information officer and VP, supply chain operations role with Hewlett-Packard Co.’s Compaq division.
Asda CEO Steps Down
London, Asda, Britain’s No. 2 foodseller, today announced the resignation of CEO Tony DeNunzio. His next position will be as chairman of the executive board at Dutch retailer Vendex KBB. DeNunzio has been with Asda since 1993, serving as finance director of the Allied Maples Division and later as group finance director. He also played a key role in Wal-Mart’s acquisition of Asda in 1999, and was named CEO in July 2002.
Real All About It: Ten Retail Training Myths
Ridgewood, N.J., “Why bother training associates? They’ll quit anyway.” This cynical view is one of the 10 retail training myths identified by Michael Patrick, president of MOHR Access, an industry consulting and training firm. “Industry leaders have long-recognized training’s key role in building employee loyalty and improving retention, as well as improving customer service,” he writes.
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