BOCA RATON, Fla.--(BUSINESS WIRE)--Jan. 30, 2017--
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
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
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Source: Office Depot, Inc.
Office Depot, Inc.
Richard Leland, 561-438-3796