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OfficeMax Names New CEO

10/14/2010 01:13:05 PM Eastern

Naperville, Ill. - OfficeMax president/CEO Sam Duncan will step
down three months before his planned retirement, to be succeeded Nov. 8 by Ravi
Saligram.

Duncan will also relinquish his role as board chairman, which
will be filled by lead director Rakesh Gangwal.

The move comes amid buyout speculation sparked by a JP Morgan Chase research note suggesting
that the No. 3 office-supply chain is undervalued and a good candidate for
acquisition.

It also follows the
departure in July of executive VP/COO Sam Martin, whose duties were assumed by
Duncan.

Duncan is credited with stabilizing OfficeMax through a five-year
strategic plan that included cost reductions, store closings, investments
infrastructure investment, growth of its core business and expansion into
adjacent markets.

"Over the past five years under Sam Duncan's leadership,
OfficeMax has completed a successful turnaround and strengthened its business,"
Saligram said in a statement. "I am excited to be joining OfficeMax as the
company continues to capitalize on opportunities for long-term growth and
success. I look forward to partnering with the management team and our
dedicated associates to evolve the company to the next level through innovation
and a commitment to serving consumers and business customers."