Brings More Than 30 Years of Leadership
Experience, Strong Retail Background, and Exceptional Track Record
in Merger Integration, Business Transformation and Value
Creation
Office Depot, Inc. (NYSE:ODP), a leading global provider
of office products, services, and solutions formed by the
merger of Office Depot and OfficeMax, today announced the
appointment of Roland C. Smith as Chairman and CEO, effective
immediately.
An experienced senior executive, having served as President and
Chief Executive Officer of public and private companies and on
numerous boards, Smith comes to Office Depot, Inc. with a strong
retail track record of increasing operating profit, managing
complex integrations, directing corporate turnarounds, and
transforming companies for future success.
Most recently, Smith was the Chief Executive Officer and
President of Delhaize America, LLC, which is the U.S. division of
Delhaize Group. Delhaize America produces over $18 billion in
annual revenue through its U.S. supermarkets, including Food Lion
and Hannaford, and represents approximately 65% of the revenue of
the Delhaize Group. While at Delhaize, Smith orchestrated the
successful integration of the major supermarket chains owned by
Delhaize, including successful dispositions of three of the chains
thereby materially improving profitability and driving substantial
shareholder value creation at Delhaize Group.
Previously, Smith was President and CEO of The Wendy’s Company;
President and CEO of Wendy's/Arby's Group, Inc.; and CEO of Wendy's
International, Inc. Throughout his tenure at these companies, Smith
orchestrated numerous transformative initiatives. Originally at
Arby’s, Smith helped to rejuvenate the brand, turn around the
culture, and integrate the acquisition of its largest franchisee.
Later, Smith successfully completed the acquisition and merger of
Wendy’s by Arby’s. While transforming the culture, menu, and
product, Smith also improved operations and accelerated
international expansion. Additionally, Smith orchestrated the
successful sale of Arby’s.
Smith also led operational turnarounds at American Golf
Corporation, the world’s largest owner and operator of golf
courses, and AMF, the world’s largest owner and operator of bowling
centers.
“I am honored to accept the position of Chairman and CEO of
Office Depot, Inc.,” said Smith. “With the combined resources of
Office Depot and OfficeMax, we have the ability to transform the
company and create an exciting new organization that exceeds the
needs and desires of our customers, provides new opportunities for
our global associates, becomes a more appealing partner to our
vendors, and increases value for our shareholders.”
Added Smith, “I know that numerous cross-company teams have
worked diligently over the past eight months to create a clear
blueprint for the integration of Office Depot and OfficeMax. Moving
forward, my focus will be on fully integrating the two companies,
achieving the planned synergies, creating a compelling vision for
the future, and leveraging our infrastructure and assets to drive
improved profitability and increased revenue. Additionally, I fully
understand that we need to make a headquarters decision quickly so
that we can drive our integration efforts.”
“Over the last several months, the Selection Committee evaluated
more than 100 candidates in a rigorous process to find the right
leader for this company,” stated Office Depot, Inc. Lead Director
Nigel Travis, co-chair of the CEO Selection Committee, and Chairman
and CEO of Dunkin’ Brands. “Roland is uniquely qualified for the
newly combined Office Depot and OfficeMax. He has decades of
experience integrating companies and cultures and an impressive
track record in turning around businesses. Additionally, he brings
outstanding leadership that will be invaluable as we seek to
transform and grow our new company.”
“We are pleased to add a talented executive of Smith’s caliber
to lead our combined organization as we enhance our position in the
rapidly changing office solutions marketplace,” added Office Depot,
Inc. Board Member Jim Marino, co-chair of the CEO Selection
Committee, and former President and CEO of Alberto Culver Company.
“Roland is a proven leader with the strategic insight and
operational discipline necessary to drive our business forward and
deliver the synergies that come from combining these two great
companies. We are fortunate to have hired the right person for this
unique opportunity.”
Office Depot, Inc. also announced that as a result of Smith’s
appointment as Chairman and CEO, Neil Austrian and Ravi Saligram,
formerly co-CEOs of Office Depot, Inc. have resigned from the
company and Board. Aside from Smith, the company’s 11-person board
includes Warren Bryant, Rakesh Gangwal, Cynthia Jamison, Jim
Marino, Michael Massey, Francesca Ruiz de Luzuriaga, Jeff Smith,
David Szymanski, Nigel Travis and Joseph Vassalluzzo. Travis has
been named Lead Director of the Board.
The company and Board wish to recognize Austrian and Saligram
for their pivotal leadership and many significant contributions to
the transformative merger of Office Depot and OfficeMax. Austrian
and Saligram have provided overall sponsorship and stewardship of
the complex integration planning process with the objective of
ensuring a smooth and productive transition for the company’s many
stakeholders.
Roland C. Smith Biographical Information
Prior to joining Office Depot, Inc., Smith most recently was the
Chief Executive Officer and President of Delhaize America.
Previously, Smith was President and CEO of The Wendy’s Company;
President and CEO of Wendy's/Arby's Group, Inc.; and CEO of Wendy's
International, Inc.
Smith also served as Chief Executive Officer of Triarc
Companies, Inc.; Chief Executive Officer of Arby's Restaurant
Group, Inc.; President and Chief Executive Officer of American Golf
Corporation and National Golf Properties; President and Chief
Executive Officer of AMF Bowling Worldwide, Inc.; and President and
Chief Executive Officer of Arby's Inc., d/b/a Triarc Restaurant
Group.
He has held senior management positions at KFC International,
Pepsi Cola International, Schering-Plough and Procter &
Gamble.
A graduate of the U.S. Military Academy at West Point, New York,
Smith served in the U.S. Army for seven years in the Transportation
and Aviation Corps as platoon leader, executive officer, deputy
director of Army programs, aide-de-camp, aviation maintenance
officer and pilot.
Smith is Chairman of the Board of Directors for Carmike Cinemas,
Inc., where he is also Chairman of the Compensation and Nominating
Committee, and a Director for The Wendy’s Company. He is a national
trustee of the Boys & Girls Clubs of America and a member of
the World Presidents' Organization International.
About Office Depot, Inc.
Formed by the merger of Office Depot and OfficeMax, 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 combined annual sales of approximately $17
billion, employs about 66,000 associates, and serves consumers and
businesses in 59 countries with more than 2,200 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, joint ventures, franchisees, licensees and
alliance partners. The company’s portfolio of leading brands
includes Office Depot, OfficeMax, OfficeMax Grand & Toy,
Viking, Ativa, TUL, Foray, and DiVOGA.
Office Depot, Inc.’s common stock is listed on the New York
Stock Exchange under the symbol ODP. Additional press information
can be found at: http://news.officedepot.com.
Additional information about the recently completed merger of
Office Depot and OfficeMax can be found
at http://officedepotmaxmerger.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, the Company, the merger and other
transactions contemplated by the merger agreement, 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 the Company’s
control. There can be no assurances that the Company will realize
these expectations or that these beliefs will prove correct, and
therefore investors and shareholders 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 adverse
regulatory decisions; the risks that the combined company will not
realize the estimated accretive effects of the merger or the
estimated cost savings and synergies; the businesses of Office
Depot and OfficeMax may not be integrated successfully or such
integration may take longer, be more difficult, time-consuming or
costly to accomplish than expected; the business disruption
following the merger, including adverse effects on employee
retention; the combined company’s ability to maintain its long-term
credit rating; unanticipated changes in the markets for the
combined company’s business segments; unanticipated downturns in
business relationships with customers; competitive pressures on the
combined company’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 technologies; unexpected technical or marketing
difficulties; unexpected claims, charges, litigation or dispute
resolutions; new laws and governmental regulations. The foregoing
list of factors is not exhaustive. Investors and shareholders
should carefully consider the foregoing factors and the other risks
and uncertainties described in Office Depot’s and OfficeMax’s
Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q
filed with the Securities and Exchange Commission. The combined
company does not assume any obligation to update or revise any
forward-looking statements.
Office DepotBrian Levine, 561-438-2895Media
RelationsBrian.Levine@officedepot.comorRich Leland,
561-438-3796Investor
RelationsRichard.Leland@officedepot.comorOfficeMaxJulie Treon,
630-864-6155Media Relationsjulietreon@officemax.comorMike Steele,
630-864-6826Investor Relationsmichaelsteele@officemax.com
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