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Supervalu names proven turnaround CFO

BY Michael Johnsen

EDEN PRAIRIE, Minn. — Supervalu on Wednesday named Bruce Besanko as the company’s EVP and CFO, effective Aug. 7.

Besanko joins Supervalu from OfficeMax, where he was EVP finance, CFO and chief administrative officer. “Having worked with him during a successful turnaround at OfficeMax, I know firsthand of his talent, financial acumen, commitment to success and overall work ethic — all of which will be critical as we continue our rebuilding efforts here at Supervalu," stated Supervalu president and CEO Sam Duncan. 

In his role at Supervalu, Besanko will oversee the financial activities of the $17 billion grocery company and lead a team of nearly 700 financial professionals. He will work closely with Duncan to continue strengthening the company’s balance sheet and building financial strategies that support Supervalu’s future growth plans. Besanko follows current EVP and CFO Sherry Smith, who has held the role since 2010. Smith will continue in her role as CFO until Aug. 6 and her last day with the company will be Aug. 9.

“I especially want to thank Sherry for her many years of service to Supervalu and wish her all the best going forward,” Duncan said. “Sherry played an integral role in completing the disposition of the New Albertsons banners and helping reposition the company for the future. Her commitment toward improving our business and her leadership during the company’s transition period these past several months is greatly appreciated.”

Prior to his work at OfficeMax, Besanko served as VP finance and CFO for Circuit City Stores, and SVP finance and CFO for The Yankee Candle Company. He also held financial leadership positions at Best Buy, Sears and Atlantic Richfield Company in the years prior.

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. Besanko also served in the U.S. Air Force for 26 years, where he rose to the rank of lieutenant colonel.


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AmerisourceBergen reports 13% lift in Q3 revenue

BY Michael Johnsen

VALLEY FORGE, Pa. — AmerisourceBergen on Wednesday reported $21.9 billion in revenue for its third quarter ended June 30, representing a sales lift of 13.3%. Amerisource credited the lift to a 16% increase in AmerisourceBergen Drug Corp. revenue and a 5% increase in AmerisourceBergen Specialty Group revenue. 

“In our June quarter, AmerisourceBergen delivered solid performance and made significant progress on strategic initiatives,” stated Steven Collis, AmerisourceBergen president and CEO. “We completed two previously announced divestitures, obtained the required regulatory approvals on certain aspects of our new strategic long-term relationship with Walgreens and Alliance Boots, and have begun to prepare our network for the onboarding of the new Walgreens distribution contract in September," he said. 

"We recently enhanced our financial flexibility by increasing the borrowing capacity of our revolver and our securitization programs. Not only are we on track to meet our objectives for the full fiscal year, but we have taken important steps to strengthen our ability to generate sustainable long term growth that benefits all of our stakeholders," Collis added. 


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Miraculins tests cholesterol skin test in select H-E-Bs

BY Michael Johnsen

WINNIPEG, Manitoba — Miraculins on Wednesday announced the launch of its PreVu Non-Invasive Skin Cholesterol Point of Care Test exclusively through some 20 H-E-B locations over fourth quarter 2013. 

"The launch of PreVu into Texas and the United States is a very significant milestone for Miraculins, as well as a major step forward in the commercialization of the PreVu technology worldwide," stated Paul Moreau, VP sales and marketing Miraculins. "We are very pleased that H-E-B …wants to make the PreVu POC Test available to its eligible customers to help them better understand and manage their risk of coronary artery disease."

Pursuant to the agreement, on the completion of the phase one launch, H-E-B will have the option to expand PreVu POC testing to additional H-E-B locations commencing in 2014.


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