OfficeMax CFO quits


12 January 2005 – Itasca (IL): After just two months in the role, Brian Anderson has resigned as EVP/CFO of OfficeMax. Former CFO Ted Crumley will return to the post on an interim basis.

President/CEO Chris Milliken said: "We are disappointed that Brian is leaving after only two months of service. We regret that his commitment to our business was not strong enough to allow him to make a long- term contribution."

It is the second high-profile resignation at OfficeMax in a week. Last Wednesday, the power player announced the departure of stores chief Gary Peterson.

In addition, ‘Max announced that it will postpone the release of its Q4 and full-year earnings pending the conclusion of its previously announced internal investigation into improper billing.

To date, the investigation has confirmed the claims by a vendor to its retail business that certain employees fabricated supporting documentation for approximately $3.3 million in claims billed to the vendor by OfficeMax during 2003 and 2004.

The company has expanded the scope of its investigation to include a review of the manner in which it recorded rebates and other payments from vendors for fiscal years 2003 and 2004. The issues involved in this aspect of the investigation principally involve the proper timing for the recognition of such payments. The company has terminated four employees, based on the information discovered through its investigation.