Office Depot CEO buys $3.65 million home in Boca Raton Florida USA
By Marcia Heroux Pounds, Sun Sentinel
Office Depot's new chief executive Roland Smith and his wife have bought a house for $3.65 million in a golf course community near the Boca Hotel Resort & Club.
Smith and his wife, Sandra Lynne Smith, closed on the six- bedroom, six-bath home in Royal Palm Yacht & Country Club on Feb. 7, said broker David Roberts of Royal Palm Properties. The 7,470-square-foot house at 1356 Sabal Palm Drive last sold for $2.6 million in 2004.
The property was listed for $4.2 million.
Smith, 59, has been quiet since he was appointed CEO of the office-supply retailer in mid-November, not granting media interviews, as he builds his executive team and begins the integration of Boca Raton-based Office Depot with Illinois' OfficeMax. The companies completed their $1.2 billion merger in early November.
The CEO's starting salary is $1.4 million. If he meets certain undisclosed performance targets by March 14, Smith is eligible for a $2 million award, according to an SEC filing.