Supervalu Inc. has named Bruce Besanko as the company’s EVP and CFO, effective Aug. 7. Besanko joins Supervalu after serving as EVP of finance, CFO and chief administrative officer for OfficeMax.
“I’m very excited to welcome Bruce to Supervalu,” said Sam Duncan, president and CEO. “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 2007-2009, as well as SVP of finance and CFO for The Yankee Candle Co. Inc. from 2005-2007. He also held financial leadership positions at Best Buy Co. Inc., Sears, Roebuck & Co. and Atlantic Richfield Co. in the years prior.
In his role 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, a company news release says.
Besanko follows current EVP and CFO Sherry Smith, who has held the role since 2010. Smith will continue in her role as CFO until Aug. 6 and 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.”
Besanko earned a bachelor’s degree in psychology from the University of Cincinnati and holds an MBA degree in finance and strategy from the University of Chicago. Besanko also served in the U.S. Air Force for 26 years, where he rose to the rank of lieutenant colonel.