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Bounce-back

Yesterday, Office Max (OMX) named Brian Anderson as its new CFO. Anderson, 53, had been CFO at Baxter International (BAX) up until the end of July when he left the company after a string of earnings disappointments. In this release announcing Anderson’s replacement at Baxter, Anderson, who in 2002 was named by Fortune magazine as one of the 50 most powerful black executives in corporate America, warranted one sentence.

Luckily for him, Baxter was a lot more generous when it came to doling out severance. Anderson, who made $490,000 last year, walked away with $1.8 million in what the company described in its recent Q as “transition assistance”. Baxter investors weren’t quite so lucky and the company faces several lawsuits, some of which name Anderson, for the over-enthusiastic numbers.

Meanwhile, Office Max offered its own sweetheart deal to its outgoing CEO, George Harad, agreeing to pay him $10 million when he retires from the company next June.