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Supervalu Inc. has named Bruce Besanko as the company’s executive vice president and chief financial officer, effective Aug. 7.
Besanko joins Supervalu after serving as EVP of finance, chief financial officer and chief administrative officer for OfficeMax, where he helped strengthen the company’s balance sheet and transform business-to-business and retail segments for one of the leading global office supply companies following his appointment in 2009.
“I’m very excited to welcome Bruce to Supervalu,” said Sam Duncan, Supervalu's president and CEO who formerly led OfficeMax. “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.”
Prior to his work at OfficeMax, Besanko served as VP of finance and CFO for Circuit City Stores Inc. from 2007 to 2009, as well as senior VP of finance and CFO for The Yankee Candle Co. Inc. from 2005 to 2007. He also held financial leadership positions at Best Buy, Sears and Atlantic Richfield Co.
At Supervalu, Besanko will oversee the financial activities of the $17 billion grocery company and lead a team of nearly 700 financial professionals. He will work closely with Duncan to continue strengthening the company’s balance sheet and building financial strategies that support Supervalu's future growth plans. Besanko follows current EVP and CFO Sherry Smith, who has held the role since 2010. Smith will continue as CFO until Aug. 6; her last day with the company will be Aug. 9.
“I especially want to thank Sherry for her many years of service to Supervalu and wish her all the best going forward,” said Duncan. “Sherry played an integral role in completing the disposition of the New Albertsons banners and helping reposition the company for the future. Her commitment toward improving our business and her leadership during the company’s transition period these past several months is greatly appreciated.”
Eden Prairie, Minn.-based Supervalu Inc. operates a network of approximately 3,420 stores composed of 1,900 independent stores serviced primarily by the company’s food distribution business, 1,332 Save-A-Lot stores, of which 957 are operated by licensee owners; and 191 traditional retail grocery stores.