OfficeMax CEO Resigns While Accounting Probe Claims 6 Jobs

Share this content:
OfficeMax Inc. reported yesterday that president/CEO Christopher C. Milliken has resigned and six employees were fired in connection with an investigation into its accounting practices. Also, the company expects to restate its quarterly income for each of the first three fiscal quarters of 2004.


OfficeMax, Itasca, IL, gave no reason for Milliken's departure. The board of directors appointed executive chairman George J. Harad interim CEO while it searches for a permanent replacement for Milliken.


OfficeMax previously announced that it is investigating its accounting for vendor income. It has been confirmed that certain employees fabricated supporting documents for about $3.3 million in claims billed to a vendor. Also, certain rebates and other payments from vendors in 2004 were not recorded in the appropriate accounting periods. As a result, operating income was overstated in the first fiscal quarter by $5 million to $10 million and understated in the second and third fiscal quarters.


Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters


close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

Since 1985, Melissa has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above