Kohl's new CFO, Bruce Besanko, is leaving grocer Supervalu and heading back to retail
Kohl's (NYSE: KSS) is bringing in retail and grocery veteran Bruce Besanko as chief financial officer, the department store chain announced Tuesday.
The announcement came a day after Supervalu (NYSE: SVU) said Besanko would be departing the grocery chain to pursue another job opportunity. At Supervalu for about four years, Besanko served as CFO and chief operating officer.
Before joining Supervalu in 2013, 57-year-old Besanko was the finance chief for retailer OfficeMax, which is now owned by Office Depot (NASDAQ: ODP).
"I have admired Kohl's business model for years and am enthusiastic about the future the company is creating, really differentiating itself as a bright spot in retail," Besanko said in a statement. "Kohl's has an excellent reputation in the financial community and I look forward to joining the company."
In his new position at Kohl's, Besanko will replace Wesley McDonald, who announced plans in November to retire this spring after 14 years with the company.
Besanko will start on July 10, reporting to Kohl's CEO Kevin Mansell.
Like other department store chains, Kohl's is struggling to grow sales as foot traffic at brick-and-mortar locations declines.
Supervalu has taken a beating in the past week following Amazon's bid to buy Whole Foods. Shares of Supervalu have fallen about 35 percent this year.
Kohl's stock is down 24 percent in 2017.
Read Kohl's complete press release.
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