Grocery store chain SUPERVALU (NYSE: SVU ) has appointed Bruce Besanko to be its new executive vice president and chief financial officer, effective as of Aug. 7.
His new role will consist of leading a team of close to 700 finance professionals, as well as overseeing all of the company's financial activities. Besanko succeeds Sherry Smith, who had held the role since 2010.
Previously, Besanko acted as the chief administrative officer, executive vice president of finance, and chief financial officer for OfficeMax. During this time he worked with Sam Duncan, SUPERVALU's current CEO, and both witnessed what Duncan in today's press release called a "successful turnaround at OfficeMax." Duncan praised Besanko's "talent, financial acumen, commitment to success and overall work ethic."
Besanko earned a bachelor of science degree in psychology from the University of Cincinnati and holds a master of business administration degree in finance and strategy from the University of Chicago. he also served in the U.S. Air Force for 26 years, rising to the rank of lieutenant colonel.
Since the beginning of 2013, SUPERVALU's stock price has risen 212%. On the morning of this announcement, its price per share rose from $7.80 to $7.93.