Rules Of The Road For Turnaround CIOs

CIO, August, 2005 by Allan Holmes

Wanted: CIO for the number-three office supply company in a three-company industry. Company being investigated for inappropriate promotional payments and falsifying documents. Executive in charge of retail and CFO both resigned in January. CEO resigned in February. In March, company announced a fourth-quarter loss of more than $24 million before the sale of major assets. Company still digesting an acquisition concluded more than a year ago.

Sound like the ultimate nightmare job? Not for Randy Burdick, who took the CIO post at OfficeMax in March. "Turnaround situations attract me when I think there is a chance for success," he says. "The opportunity to be on the ground floor of a new team was exciting, and I believed that the challenges at OfficeMax were solvable."

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