He will remain as Office Depot’s 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.
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In addition to his pending departure as chief executive, the senior management team is being reorganized to better align with a new three-year strategic plan. “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”, said Smith in a press release statement. The International Division sells office products and services through direct mail catalogs, contract sales forces, Internet sites and retail stores. Among other executive moves, made as part of a strategic plan that includes the consolidation of its retail, contract, ecommerce and omni-channel marketplace, Troy Rice was named to the newly-created position of chief operating officer, North America.
The company also named Rob Koch as executive vice president of business development. Under the newly-created office, Koch will oversee the identification and actualization of potential business opportunities.
Koch, now senior vice president for real estate, will continue to oversee the company’s real estate portfolio, Office Depot said.
Smith’s departure will follow the exit of former Staples CEO Ron Sargent, who left the company in June following the failed merger bid.
Additionally, Steve Calkins, Executive Vice President, Contract, has been promoted to Executive Vice President and Chief Legal Officer. The company reported its last earnings on Aug 04 AMC and will report its next earnings on Oct 31 – Nov 4 (Est.).
He said the “right strategy and right people” are in place at Office Depot to bring in a successor.
The Office Depot Foundation is an independent nonprofit organization that serves as the primary charitable giving arm of Office Depot Inc. Now, he hopes to work on those endeavors following the fulfillment of his obligations as the CEO of Office Depot.
Office Depot, Inc.is a supplier of office products and services.
Analysts await Office Depot Inc (NASDAQ:ODP) to report earnings on November, 1.
Both companies have been cutting costs and closing stores amid multiple quarters of sales declines. The Company operates under several banner brands including Office Depot, OfficeMax, Grand & Toy, and Viking.
Office Depot Inc (NASDAQ:ODP)’s values for SMA20, SMA50 and SMA200 are -0.80%, 2.45% and -31.21%, respectively. Visit MarketWatch.com for more information on this news. The foregoing list of factors is not exhaustive.
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Also, Equity Analysts at the UBS maintains the rating on Office Depot (NASDAQ:ODP).
