Wednesday, OfficeMax Inc. (OMX) said that its Executive Vice President and Chief Financial Officer Don Civgin resigned, effective August 29. Civgin will be joining Allstate Corp. (ALL) as its Senior Vice President and Chief Financial Officer, effective September 8.
The Naperville, Illinois-based OfficeMax, a supplier of office products, expects to commence a search for a new Chief Financial Officer "as soon as practicable".
Civgin joined OfficeMax in October 2005 and was named Executive Vice President and Chief Financial Officer in November 2005.
For the recently concluded second quarter, OfficeMax reported a loss compared with profit last year, hurt primarily by the impact of goodwill impairment and severance charges. OfficeMax recorded a net loss applicable to common shareholders of $895.27 million or $11.79 per share for the quarter compared to a profit of $26.43 million or $0.35 per share in the same quarter last year.
In a separate press release, Allstate said it selected Don Civgin as Senior Vice President and Chief Financial Officer. Civgin, who will be replacing acting Chief Financial Officer Sam Pilch, Allstate's Group Vice President and Controller, will report to Thomas Wilson, Allstate's Chairman, President and Chief Executive Officer.
As CFO, Civgin will be responsible for aligning Allstate's finance and capital structures to the $24 billion corporation's business strategies. In addition, he will serve as a member of the corporation's senior management team and will be a key representative to investors and Wall Street.
Allstate, a personal property and casualty insurance company based in Northbrook, Illinois, reported last month a 98% drop in its second quarter profit. Quarterly profit plunged to $25 million or $0.05 per share from $1.403 billion or $2.30 per share in the same period last year. The results were affected by $698 million in pre-tax catastrophe losses as well as the absence of favorable reserve re-estimates.
OfficeMax stock is currently down $1.31 or 9.55% and trading at $12.41. Shares of Allstate also lost 39 cents or 0.86% and currently trading at $44.71.
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