OfficeMax CEO Ravi Saligram withdrew himself from the race for the chief position of the merged...
(Reuters) - Investment firm Neuberger Berman LLC has called on OfficeMax Inc's OMX.N chief executive and board to return money to shareholders in the form of a dividend or share repurchases and raised the specter of a proxy fight next year if the office supply chain fails to comply.Neuberger, in a filing with the U.S. Securities and Exchange Commission on Monday, also disclosed it held 5 percent of OfficeMax's shares, or 4.35 million shares, up from 4 percent earlier.In a letter to CEO Ravi Saligram dated June 18, Neuberger Berman Managing Director Benjamin Nahum said that the "anemic" job
NAPERVILLE, Ill. — Charges related to store closures in the United States caused OfficeMax's first quarter net income to drop from $4.9 million, or 6 cents per diluted share, compard with $11.4 million, or 12 cents per diluted share, in the first quarter of 2011. Adjusting for these charges, net income for the quarter was $20.3 million, or 23 cents per diluted share, compared with $11.4 million, or 13 cents per diluted share for the same period last year. Total sales fwere $1.9 billion in the first quarter of 2012, an increase of 0.5% from the first quarter of
OfficeMax has named a new executive to lead its merchandising initiatives, including category management, strategic product planning, global sourcing, private label expansion and cost of goods sold. The company anounced that Ronald Lalla has been named executive vice president, chief merchandising officer, effective Monday, March 19. Lalla will report to Michael Lewis, executive vice president, president retail. "Ron is a strategic merchant with a strong financial acumen who will focus on driving disciplined processes to enhance the customer experience and improve margins," said Ravi Saligram, president and CEO of OfficeMax.
Naperville, Ill. — OfficeMax has named new leadership at its contract division. The company announced that, effective April 2, John Kenning will serve as executive VP and president and will report directly to Ravi Saligram, president and CEO of OfficeMax. "John's extensive knowledge of managing business-to-business enterprises will add significant value to OfficeMax. We are eager to leverage John's general management skills and his proven track record of leading sales teams to drive profitable growth as we focus on building momentum in our Contract business," said Saligram. Most recently, Kenning was president, North America Commercial for ADT Security Services
OfficeMax reported that net income for the quarter ended Sept. 24 rose to $21.5 million, compared with $20 million in the year-ago period. Sales dipped 2.1 percent to $1.77 billion from $1.81 billion, barely meeting Wall Street’s expected $1.807 billion.