His new role will consist of leading a team of close to 700 finance professionals, as well as overseeing all of the company's financial activities. Besanko succeeds Sherry Smith, who had held the role since 2010.
Previously, Besanko acted as the chief administrative officer, executive vice president of finance, and chief financial officer for OfficeMax. During this time he worked with Sam Duncan, SUPERVALU's current CEO, and both witnessed what Duncan in today's press release called a "successful turnaround at OfficeMax." Duncan praised Besanko's "talent, financial acumen, commitment to success and overall work ethic."
Besanko earned a bachelor of science degree in psychology from the University of Cincinnati and holds a master of business administration degree in finance and strategy from the University of Chicago. he also served in the U.S. Air Force for 26 years, rising to the rank of lieutenant colonel.
Since the beginning of 2013, SUPERVALU's stock price has risen 212%. On the morning of this announcement, its price per share rose from $7.80 to $7.93.
Fool contributor Caroline Bennett has no position in any stocks mentioned. The Motley Fool owns shares of Supervalu. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.