OfficeMax says operating chief Sam Martin leaving

NAPERVILLE, Ill.

Office-supply retailer OfficeMax Inc. said Thursday that Chief Operating Officer Sam Martin has left to take on the job of CEO at undisclosed company.

Martin joined the company from natural foods chain Wild Oats Markets Inc. in 2007.

CEO Sam Duncan -- who announced in February that he will retire early next year -- will take over COO responsibilities. The company does not plan to hire a new chief operating officer.

Janney Capital Markets analyst David Strasser, who rates OfficeMax stock as a "Buy," said the fact that the company doesn't plan on replacing Martin could mean OfficeMax is close to naming a new CEO. Strasser said he understands Martin's rationale for leaving OfficeMax for a CEO position but also said it might indicate he was passed over for the OfficeMax top spot.

"This is purely speculation on our part, but something we have seen many times in other public companies," he wrote in a note to clients.

Office supply retailers have suffered as both consumers and small businesses cut back on non-necessities during the recession. Still, OfficeMax's first-quarter profit rose 88 percent, as the company cut costs to offset nearly flat revenue of $1.92 billion.

The company reports second-quarter results on Aug. 3.

Shares rose 91 cents, or 7 percent, to $13.73 during morning trading. The stock has traded between $6.78 and $19.79 over the past year.