DOW JONES NEWSWIRES

OfficeMax Inc. (OMX) announced Chairman and Chief Executive Sam Duncan will retire in a year, as the No. 3 office-products retailer continues to struggle at a time of lax demand.

Duncan has been at the helm for five years, leading the company through a turnaround and the latest downturn. To ensure a smooth transition, Duncan will remain until a new chief executive is in place.

OfficeMax returned to the black in the third quarter, but a loss for the fourth quarter had been projected. Those results are due Wednesday.

Shares closed Thursday at $14.52 and are unchanged in late trading.

-By Jay Miller, Dow Jones Newswires; 212-416-2355; jay.miller@dowjones.com
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