OfficeMax COO leaves for another company

By Dow Jones Newswires
Posted July 22, 2010 at 7:56 a.m.

OfficeMax Inc. said its chief operating officer has left to become the chief executive of another public company, the latest executive to leave–or plan to leave–its ranks. The office-supplies retailer said Sam Martin, who was also an executive vice president, stepped down from his role effective Wednesday.

OfficeMax didn’t say which company Martin would take the helm of as CEO.

Chief Executive Sam Duncan will take on Martin’s responsibilities, effective immediately, and the company said it doesn’t intend to look for a new operating chief at this time. CEOs have been taking greater control of day-to-day operations or delegating control to division heads, squeezing out chief operating officers and presidents.

But Duncan himself is set to retire in February, the company said earlier this year, noting that it had begun a nationwide search for a new CEO.

Martin had been with the company since 2007 and was responsible for all areas of its retail, contract and supply-chain departments. Before coming to the company, he had served in executive roles for various retailers.

Duncan said Martin “was an integral part of the successful turnaround of OfficeMax” and noted that the company is confident in its ability to make a smooth transition.

Shares closed Wednesday at $12.82 and were inactive premarket.

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One comment:

  1. WillamRollins July 23, 2010 at 5:43 a.m.

    Well at least he’s not unemployed. I was unemployed until I found a great recruiting job after looking high and low! This job pays you $75 for each new person you recruit, they give you over 1000 qualified leads every time you recruit 2, it’s amazing. Also you get paid every week. By the way this is an American Company based out of Arizona. Find the link on the world wide web 150fast dot com forward slash bigmoney.