OfficeMax chairman/CEO Michael Feuer has left the office supply chain he co-founded 15 years ago following its sale earlier this month 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 merged with the retail operation.
Feuer, who put $20,000 of his own money into opening the retailer's first superstore here in 1988, has formed a venture capital/consulting firm, here for specialty retailing. The company, Max-Ventures LLC, will provide capital and strategic and operational expertise to mid-size retailers and emerging retail concepts. As part of the agreement with Boise, he has also signed a five-year consulting agreement with OfficeMax.
Boise announced the acquisition last summer and consummated it this month after shareholders of each company overwhelmingly approved it. 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.