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Office Depot CEO ousts division president for ‘improper relationship’
BOCA RATON — Office Depot’s International Division president was terminated Monday because of an "improper relationship with another associate," according to a statement released by CEO Neil Austrian.Charlie Brown, 58, who had been International president since 2005 and a top executive since joining the company in 1998, made $3.5 million last year in salary, bonuses, incentives and other compensation, according to the company’s annual report. Formerly he was CFO of Denny’s Inc. and he was with ARAMARK International and Pizza Hut International.
Office Depot has reported continuing losses this year and the stock price was down to $2.13 at close Monday. It started the year at $5.73. The news did not appear to be affecting the trading price negatively today.
"The company has a zero-tolerance policy in this regard. Our business leadership in Europe and Asia will now report to me, and Mike Newman, executive vice president and chief financial officer, will assume responsibility for our joint venture with Office Depot de Mexico as well as our overall Latin American development," Austrian said in the statement released Monday evening.Brown could not be reached immediately for comment.
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