CompUSA executive Benjet resigns after 4th-quarter loss

August 20, 1994|By Bloomberg Business News

DALLAS -- CompUSA Inc. Chief Financial Officer Mervyn Benjet has resigned, two days after the struggling computer retailer reported a wider-than-expected fourth-quarter loss, the company announced yesterday.

Mr. Benjet, who also stepped down as a director, declined to comment on his resignation, which CompUSA said was effective Thursday. He said he has no plans.

"I haven't considered what I'm going to do next. I haven't really contemplated the future," he said.

CompUSA said Mr. Benjet will be replaced on an interim basis by James Skinner, senior vice president of finance and planning, until a successor can be found.

"[Mr. Skinner] was our internal CFO, so there won't be much of a transition," said Noelle Greene-Hunt, CompUSA's director of investor relations.

Shares of CompUSA closed unchanged at $7 on volume of 676,600 shares, more than twice the three-month daily average of 296,100. The company's stock fell to an all-time low Thursday of $6.75 before recovering to close at $7.

Mr. Benjet had served as CompUSA's chief financial officer and director since September 1991. He was senior vice president and chief financial officer of Wickes Lumber Co. from 1988 to 1991. From 1978 to 1988, he served as a Wickes division financial officer.

Mr. Skinner joined CompUSA in August 1991 as its chief accounting officer. Prior to that, he was a consultant to the retail and distribution industry for the accounting firm of Ernst & Young.

Mr. Benjet became the third high-ranking executive to resign or retire from CompUSA in the past nine months in what analysts have called a shift from its rapid-growth strategy to one that focuses on profits.

In December, Nathan Morton resigned as chairman and chief executive. Last month, Keith Costine retired as vice president of operations.

On Wednesday, the company reported a fiscal fourth-quarter loss of $13.6 million, or 74 cents a share. Analysts had expected the company to post a loss of about 6 cents a share.

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