Kohl's Poaches CFO From Supervalu--Update

Kohl's Corp. has hired an executive with experience in food and office supplies to serve as its next chief financial officer, according to people familiar with the situation.

Bruce Besanko, who is stepping down as the chief financial officer and chief operating officer of retail and wholesale food seller Supervalu Inc., is expected to join the department store chain on July 10, one of the people said. He will report to Kohl's Chief Executive Kevin Mansell.

Supervalu announced on Monday that Mr. Besanko, who turns 59 years old next month, was leaving the company next week to pursue another opportunity. An announcement from Kohl's is expected shortly.

Mr. Besanko is replacing Wesley McDonald, who announced plans in November to retire this spring after holding the CFO post at Kohl's for 14 years.

Before joining Supervalu in 2013, Mr. Besanko was the finance chief for OfficeMax Inc., which is now owned by Office Depot Inc.

In his new role, Mr. Besanko will help steer Kohl's, which, like other department-store chains, has struggled with falling foot traffic and shrinking sales. Kohl's stock closed at $37.52 on Monday, down 24% so far this year.

Write to Joann S. Lublin at joann.lublin@wsj.com and Suzanne Kapner at Suzanne.Kapner@wsj.com

Kohl's Corp. has hired an executive with experience in food and office supplies to serve as its next chief financial officer.

Bruce Besanko, who is stepping down as the chief financial officer and chief operating officer of retail and wholesale food seller Supervalu Inc., will join the department store chain on July 10. He will report to Kohl's Chief Executive Kevin Mansell.

Supervalu announced on Monday that Mr. Besanko, who turns 59 years old next month, is leaving the company next week to pursue another opportunity. An announcement from Kohl's is expected shortly.

Mr. Besanko is replacing Wesley McDonald, who announced plans in November to retire this spring after holding the CFO post at Kohl's for 14 years.

Before joining Supervalu in 2013, Mr. Besanko was the finance chief for OfficeMax Inc., which is now owned by Office Depot Inc.

In his new role, Mr. Besanko will help steer Kohl's, which like other department-store chains has struggled with falling foot traffic and shrinking sales. Kohl's stock closed at $37.52 on Monday, down 24% so far this year.

Write to Joann S. Lublin at joann.lublin@wsj.com and Suzanne Kapner at Suzanne.Kapner@wsj.com

(END) Dow Jones Newswires

June 27, 2017 08:32 ET (12:32 GMT)