Office Depot, Inc. (NASDAQ:ODP), a leading global provider
of office supplies and services, today announced that its
Board of Directors has appointed Gerry P. Smith as Chief Executive
Officer of the company, effective February 27, 2017. Gerry Smith
will succeed current CEO Roland Smith, who previously announced his
intention to retire from the company.
An experienced executive, Gerry Smith currently serves as
Executive Vice President and Chief Operating Officer at Lenovo
Group, a $45 billion leading global technology company. During his
time at Lenovo, he was instrumental in defining and leading the
company’s ambitious growth objectives and operational efficiencies,
which drove increases in market share and profitability.
“On behalf of the Board, I’m pleased that we recruited a leader
with Gerry’s broad skill set to lead Office Depot at this important
time in the company’s history,” said Warren Bryant, Lead Director
of the Board of Directors and Chair of the CEO Search Committee.
“Gerry possesses significant operating expertise, having
successfully led business units across Lenovo’s entire product
portfolio, including an industry recognized supply chain
organization. His long-standing relationships with some of Office
Depot’s largest suppliers will enable him to quickly transition
into the role. Additionally, we are impressed with Gerry’s
demonstrated ability to lead large, complex organizations.”
“I am delighted to accept the position of Chief Executive
Officer at Office Depot,” said Gerry Smith. “Roland and his team
have implemented a compelling three-year strategy and clearly put
the company on a positive trajectory. I look forward to continuing
the company’s momentum and identifying additional opportunities to
provide customers with an exceptional experience, drive innovation
and growth in products and services, while delivering value to the
company’s shareholders.”
“Roland has been an outstanding CEO and, on behalf of the entire
Board, I’d like to express our sincere appreciation for his
leadership,” continued Bryant. “He has consistently delivered
positive results, led the successful integration of Office Depot
and OfficeMax to achieve synergies and efficiencies significantly
exceeding original expectations, and he created and implemented a
new three-year strategic plan. As a result of his contributions,
the company is well positioned for continued future success.”
“As I communicated last fall, stepping away from Office Depot
has not been an easy decision,” said Roland Smith. “I’m extremely
proud of what our management team and associates have accomplished.
During the past three years, we have delivered a significant
improvement in profitability, made substantial progress on all the
components of our strategic plan and now have an incoming CEO with
an outstanding track record of producing results. With that solid
foundation, now is the right time for me to focus on realizing some
of my personal ambitions. I want to thank the entire Office Depot
team for their incredible hard work, dedication and support during
my tenure.”
In connection with this transition, the Board sought to
diversify the overall corporate governance structure with the
selection of an independent non-executive Board Chairman to lead
the Board of Directors. Current Board member Joseph S. Vassalluzzo
will become Chairman effective February 27, 2017. Vassalluzzo
joined the Office Depot Board in August 2013 and currently serves
as Chair of the Finance and Integration Committee. He also serves
as Non-Executive Chairman of the Board for Federal Realty
Investment Trust and previously served as Lead Director for
Lifetime Fitness. Earlier, he was employed by Staples, Inc., most
recently as Vice Chairman.
In conjunction with his appointment as CEO, Gerry Smith will
also join the Office Depot Board as a director.
The company plans to release its fourth quarter financial
results on March 1, 2017.
About Gerry P. Smith
Prior to joining Office Depot, Inc., Gerry Smith served as
Executive Vice President and Chief Operating Officer of Lenovo
Group. Gerry joined Lenovo in 2006 and was instrumental in the
company’s growth to become the largest personal computer (PC)
company. He was also a leader in building the company’s global
brand recognition and expansion during the past decade. In his role
as Executive Vice President and Chief Operating Officer, he was
responsible for all operations across Lenovo’s $45 billion global
product portfolio.
Previously as Chief Operating Officer of the Personal Computing
Group and Enterprise Business Group, he led Lenovo to the top
position in world-wide PC sales and as President of the Americas,
he led Lenovo’s America’s Group to record market share and profits.
He also served as Senior Vice President of Lenovo’s Global Supply
Chain, where his leadership was recognized by leading research
firm, Gartner, in ranking Lenovo’s supply chain among the best in
the world.
Prior to Lenovo, Gerry had a number of executive positions at
Dell, as the company became a global leader in PCs. In his last
role, he built the Dell Singapore Design Center and led Dell to the
leading market position in flat panels as Vice President and
General Manager of Displays.
He is a graduate of Pacific Lutheran University.
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.
As of our most recent filed annual report for fiscal year ended
2015, the Company had annual sales of approximately $14 billion,
employed approximately 49,000 associates, and served 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 and Grand & Toy. 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.”
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 the Staples
acquisition, 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 the
disposition of the European operations; 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/20170130005542/en/
Office Depot, Inc.Richard Leland, 561-438-3796Investor
RelationsRichard.Leland@officedepot.comorKaren Denning,
630-438-7445Media RelationsKaren.Denning@officedepot.com
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