Office Depot-ODP CEO Smith Returns To Duty After Medical Leave.

[jim]

Office Depot-ODP CEO Smith Returns To Duty After Medical Leave.
Office Depot’s parent company, ODP, announced that its CEO Gerry Smith will resume his position on February 1, 2024, after taking a temporary medical leave for an unspecified medical procedure. Smith’s return marks the end of Joseph Vassalluzzo’s interim leadership, who will continue as the independent non-executive chairman of the board. Smith expressed his excitement and gratitude, and said he is eager to continue driving ODP’s corporate transformation and value creation.

ODP is a leading provider of business services, products, and digital workplace technology solutions to businesses and consumers, operating through four business units: ODP Business Solutions, Office Depot, Veyer, and Varis. Smith joined ODP as CEO in 2017, after serving as the chief operating officer of Lenovo Group. Vassalluzzo has been a member of ODP’s board since 2013, and has extensive experience in the retail industry.

ODP reported a 8 percent decline in revenue for the third quarter of 2023, amid the ongoing impact of the COVID-19 pandemic and the changing consumer behavior. ODP also received a suggestion from one of its investors, AREX Capital Management, to spin out its Office Depot business and focus on its B2B distribution platform. Vassalluzzo thanked AREX for its input, but did not commit to any action. ODP also reorganized its business units in November 2022, to better align with its strategic vision and growth opportunities.

As Smith returns to his role as CEO, he will face the task of executing ODP’s corporate transformation and maximizing value for its stakeholders. ODP aims to leverage its integrated B2B distribution platform and omni-channel presence to deliver innovative solutions and services to its customers. ODP also announced that David Szymanski, a long-time member of its board, will retire on February 13, 2024. ODP thanked Szymanski for his dedicated service and wished him well in his future pursuits.

[Author]

January 31, 2024 at 6:21 PM