Office Depot, Inc. (NASDAQ:ODP) today announced that Roland
Smith plans to retire as Chief Executive Officer of the company.
Smith will continue to serve as CEO until a successor is named,
which is expected by the end of first quarter 2017. It is expected
Smith will remain Chairman of the Board. The Board of Directors
will evaluate, with the assistance of an executive search firm,
both internal and external candidates for CEO.
“Since joining Office Depot in November 2013, Roland has built
and led a talented management team that has done an outstanding job
of integrating Office Depot and OfficeMax, and delivered synergies
and efficiencies that significantly exceeded expectations,” said
Warren Bryant, Lead Director of the Board of Directors. “In
addition, Roland and his team worked closely with the Board to
develop a clear and compelling three-year strategic plan that
positions the company for profitable growth. Roland has led the
company to a position of solid standing, and we appreciate his
ongoing leadership and commitment to Office Depot as we identify
and transition to our next CEO.”
“My decision to retire has not been an easy one. In 2013, I set
aside a number of personal ambitions to accept a three-year
contract with Office Depot, and it’s now time for me to refocus on
those priorities,” said Smith. “I am extraordinarily proud of what
the Office Depot team has accomplished these past three years, and
I am confident that we will successfully execute our new strategy
and grow shareholder value.”
Executive Reorganization
Office Depot also announced today that it is reorganizing its
Executive Committee to better align with the three-year strategic
plan unveiled by the company earlier this month. As part of that
plan, Office Depot is consolidating its retail, contract, ecommerce
and marketing operations to better serve our customers in today’s
omni-channel marketplace. These functions will now report to Troy
Rice, who has been named to the newly-created position of Chief
Operating Officer, North America. Rice currently serves as Office
Depot’s Executive Vice President, Retail, where he successfully led
the integration of the Office Depot and OfficeMax store operations,
drove same store sales improvements and significantly grew
operating profit.
The company has also named Rob Koch to the newly-created
position of Executive Vice President, Business Development, where
he will be responsible for identifying and commercializing new
business opportunities. In this role, Koch will have substantial
responsibility for rolling out Office Depot’s store of the future
and the expansion of adjacency opportunities, including Jan-San.
Koch is currently Senior Vice President, Real Estate, and will
continue to oversee the company’s real estate portfolio, including
leading Phase II of the retail optimization plan.
Rice and Koch will report to Mark Cosby, President, North
America, until a new CEO is named, at which time the President and
CEO roles will be consolidated and they will report directly to the
CEO and serve on the company’s Executive Committee.
Additionally, Steve Calkins, Executive Vice President, Contract,
has been promoted to Executive Vice President and Chief Legal
Officer. Calkins is a seasoned legal and business leader who
previously served as Vice President and Deputy General Counsel of
the company, as well as spent a number of years in private law
practice. Calkins replaces Elisa Garcia, who recently left the
company. Calkins will report to the CEO and serve on the company’s
Executive Committee.
“Troy and Rob are both experienced and talented executives who
have provided critical leadership during extraordinary times at
Office Depot,” said Smith. “Troy’s ability to lead our organization
through the integration of the Office Depot and OfficeMax stores
and significantly improve retail profitability positions him
perfectly to align our retail, contract and ecommerce functions for
optimal customer service and efficiency. Rob’s leadership in
rolling out the first phase of our store of the future has
demonstrated his capacity to think creatively and commercialize new
opportunities.
“In addition, Steve’s excellent work as head of our contract
business combined with his previous role as Office Depot’s Deputy
General Counsel allows him to return to the legal department as a
well-rounded leader with a broader business perspective.”
Roland Smith will provide a statement via webcast for analysts
and investors today at 8:30 a.m. Eastern Time. The live audio of
the webcast can be accessed via the Internet by visiting our
Investor Relations website at investor.officedepot.com.
About Office Depot, Inc.
Office Depot, Inc. is a leading global provider of products,
services, and solutions for every workplace – whether your
workplace is an office, home, school or car.
Office Depot, Inc. is a resource and a catalyst to help
customers work better. We are a single source for everything
customers need to be more productive, including the latest
technology, core office supplies, print and document services,
business services, facilities products, furniture, and school
essentials.
The Company has annual sales of approximately $14 billion,
employs approximately 49,000 associates, and serves consumers and
businesses in 59 countries with approximately 1,800 retail stores,
award-winning e-commerce sites and a dedicated business-to-business
sales organization – all delivered through a global network of
wholly owned operations, franchisees, licensees and alliance
partners. The Company operates under several banner brands
including Office Depot, OfficeMax, Grand & Toy, and Viking. The
company’s portfolio of exclusive product brands include TUL, Foray,
Brenton Studio, Ativa, WorkPro, Realspace and HighMark.
Office Depot, Inc.’s common stock is listed on the NASDAQ Global
Select Market under the symbol “ODP”. Additional press information
can be found at: http://news.officedepot.com.
All trademarks, service marks and trade names of Office Depot,
Inc. and OfficeMax Incorporated used herein are trademarks or
registered trademarks of Office Depot, Inc. and OfficeMax
Incorporated, respectively. Any other product or company names
mentioned herein are the trademarks of their respective owners.
FORWARD LOOKING STATEMENTS
This communication may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements or disclosures may discuss goals, intentions
and expectations as to future trends, plans, events, results of
operations or financial condition, or state other information
relating to, among other things, Office Depot, based on current
beliefs and assumptions made by, and information currently
available to, management. Forward-looking statements generally will
be accompanied by words such as “anticipate,” “believe,” “plan,”
“could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,”
“may,” “possible,” “potential,” “predict,” “project,” “propose” or
other similar words, phrases or expressions, or other variations of
such words. These forward-looking statements are subject to various
risks and uncertainties, many of which are outside of Office
Depot’s control. There can be no assurances that Office Depot will
realize these expectations or that these beliefs will prove
correct, and therefore investors and stockholders should not place
undue reliance on such statements.
Factors that could cause actual results to differ materially
from those in the forward-looking statements include, among other
things, risks related to the termination of Office Depot’s pending
acquisition by Staples, disruption in key business activities or
any impact on Office Depot’s relationships with third parties as a
result of the announcement of the termination of the Staples Merger
Agreement; unanticipated changes in the markets for Office Depot’s
business segments; the inability to realize expected benefits from
Office Depot’s European restructuring plan; fluctuations in
currency exchange rates, unanticipated downturns in business
relationships with customers; competitive pressures on Office
Depot’s sales and pricing; increases in the cost of material,
energy and other production costs, or unexpected costs that cannot
be recouped in product pricing; the introduction of competing
technology products and services; unexpected technical or marketing
difficulties; unexpected claims, charges, litigation, dispute
resolutions or settlement expenses; new laws and governmental
regulations. The foregoing list of factors is not exhaustive.
Investors and stockholders should carefully consider the foregoing
factors and the other risks and uncertainties described in Office
Depot’s Annual Reports on Form 10-K, as amended, and Quarterly
Reports on Form 10-Q filed with the Securities and Exchange
Commission. Office Depot does not assume any obligation to update
or revise any forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20160822005431/en/
Office Depot, Inc.Investor Relations:Richard Leland,
561-438-3796Richard.Leland@officedepot.comorMedia Relations:Karen
Denning, 630-438-7445Karen.Denning@officedepot.com
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