OfficeMax Inc., the third-largest U.S. office supplies...

OfficeMax Inc., the third-largest U.S. office supplies retailer, said it increased its stake in a Mexican joint venture to 39% from 19% because the business has become profitable nearly 18 months ahead of expectations. The venture with Grupo Oprimax of Mexico now operates 10 stores and plans to open another seven by year’s end and 20 more in the next two years, it said.

Schering-Plough Corp. elected President and Chief Executive Richard Kogan as chairman, replacing Robert Luciano, who is retiring. The company also authorized a 2-for-1 stock split. Kogan will remain CEO. Raul Cesan, president of the pharmaceuticals unit, was elected president and chief operating officer of the company. The changes become effective Nov. 1.