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Feuer Leaves OfficeMax

12/11/2003 01:20:00 PM Eastern

Cleveland - OfficeMax chairman/CEO Michael Feuer has left the office supply chain he co-founded 15 years ago following its sale this week to Boise Cascade for $1.3 billion.

He was succeeded by Christopher Milliken, CEO and 26-year veteran of Boise’s contract office solutions division, which will be combined with the retail operation.

Feuer, who put $20,000 of his own money into opening the chain’s first superstore here in 1988, has formed a venture capital/consultancy here for specialty retailing. The company, Max-Ventures LLC, will provide capital and strategic and operational expertise to mid-size retailers and for emerging retail concepts. He has also signed a five-year consulting agreement with OfficeMax as part of the agreement with Boise.

Boise announced the acquisition last summer and consummated it this week after it was overwhelmingly approved by shareholders of each company. Under the new structure, Milliken reports to Boise chairman/CEO George Harad, while former OfficeMax president/COO Gary Peterson will run the retail business as president, reporting to Milliken.

Feuer explained at the time of the merger announcement that 'the business combination gives the newly formulated organization the ability to better serve all channels of the office products market — from home offices to small businesses to large corporations,' and would rival the size of its closest competitors.

Harad noted that Feuer 'deserves recognition for his leadership in building OfficeMax into the nation’s third-largest office products retailer. His vision and skill helped to create the outstanding business we are acquiring today.'

The chain operates nearly 1,000 stores in the United States, Mexico and the Caribbean with annual sales just shy of $5 billion.