Management Turnover as Change Agent

Wednesday, August 20, 2008

OfficeMax CFO Resigns and Joins Allstate

Struggling office supply company, OfficeMax OMX (NYSE) announced the resignation of its CFO, Dan Civgin effective August 29, 2008.  Civgin had been OfficeMax's CFO for nearly three years.  Shortly after today's announcement of Civgin's resignation, Allstate Corporation ALL (NYSE) announced Civgin would be joining the company as its new CFO replacing acting CFO, Samuel Pilch.  News of Civgin's resignation put further downward pressure on OfficeMax's stock which had been trading in early 2007 around $55 dollars.  Today the stock was trading at $11.93 down from its initial open.  

Civgin an experienced CFO who prior to working for OfficeMax had served as CFO for General Binding Corporation.  He will join Allstate as CFO and Senior Vice President on September 8.  Allstate has also been suffering of late and appears to have made a solid choice for its new CFO.

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