MINNEAPOLIS — Supervalu  here said Wednesday it has named Bruce Besanko executive vice president and chief financial officer, effective Aug. 7.
He succeeds Sherry Smith, who is leaving the company effective Aug. 9. Supervalu had announced in April that Smith was planning to leave. She had joined Supervalu in 1987 and was named EVP and CFO in 2010.
Besanko most recently was executive vice president of finance, CFO and chief administrative officer for OfficeMax , where Supervalu’s president and chief executive officer Sam Duncan , also worked from 2006 to 2011.
“I’m very excited to welcome Bruce to Supervalu,” said Duncan. “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 OfficeMax, Besanko was vice president of finance and CFO for Circuit City Stores from 2007 to 2009, and senior vice president of finance and CFO for The Yankee Candle Co. from 2005 to 2007. He previously held financial leadership positions at Best Buy Co., Sears, Roebuck & Co. and Atlantic Richfield Co.
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At Supervalu, Besanko will oversee the financial activities of the $17 billion retailer and wholesaler company and lead a team of nearly 700 financial professionals. He will work closely with Duncan to strengthen the company’s balance sheet and build financial strategies to support future growth plans, Supervalu said.
“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.”
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