OfficeMax Inc. (OMX) 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.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855;
nathan.becker@dowjones.com;