Supervalu appoints OfficeMax exec as CFO
Eden Prairie, Minn. — Supervalu has named Bruce Besanko as the company’s executive VP and CFO, effective Aug. 7. Besanko joins Supervalu after serving as executive VP of finance, CFO and CAO for OfficeMax since 2009.
“I’m very excited to welcome Bruce to Supervalu,” said Sam Duncan, president and CEO. “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.”
Besanko follows current executive VP and CFO Sherry Smith, who has held the role since 2010. Smith will continue in her role as CFO until Aug. 6 and her last day with the company will be Aug. 9. Smith reportedly received a $300,000 retainer to stay with Supervalu two months longer than her previously scheduled departure date to let the company continue searching for her replacement and is leaving as part of an executive shakeup.
Prior to his work at OfficeMax, Besanko served as VP of finance and CFO for Circuit City Stores Inc. from 2007-2009, as well as senior VP finance and CFO for The Yankee Candle Company Inc. from 2005 to 2007.
Meijer opens Detroit supercenter
Grand Rapids, Mich. — Meijer will open its first supercenter in the city of Detroit, at the Gateway Marketplace shopping center, on July 25. The 190,000-sq.-ft. store will include fresh produce and a full-service, drive-thru pharmacy walk-in health screenings, immunizations and specially trained diabetes-care pharmacists.
“We are thrilled to offer the Meijer experience to our new neighbors," Meijer Co-chairman Doug Meijer said. "There’s so much history and pride here, so many people who’ve lived their entire lives in the city of Detroit, that the opportunity to provide healthy living options and help encourage growth is something our company is grateful to be a part of."
No comments found
Loblaw increases earnings, revenue in Q2
Brampton, Ontario — Loblaw Companies Limited reported higher earnings and revenue in the second quarter of fiscal 2013 as compared to the same period in fiscal 2012. Lolbaw’s net earnings for the quarter totaled USD $173.2 million, up 14% from $151.8 million.
The retailer reported revenues of $7.31 billion, a 2% increase from $7.18 billion a year earlier. Same-store sales improved 1.1%.
“The investments we have made to advance our customer proposition once again translated into improved same-store sales performance in an intense competitive environment," said Galen G. Weston, executive chairman of Loblaw. "At the same time, better mix and good expense management delivered improved earnings.”
Galen also said that the IPO of the company’s Choice Properties real estate investment trust and merger with Shoppers Drug Mart announced this month, combined with strong quarterly results, should produce positive results moving forward. The company is raising its outlook to expect mid-single digit operating income growth for fiscal 2013.
No comments found