What Happened? Office Depot's Chief Accounting Officer Resigns.

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What Happened? Office Depot's Chief Accounting Officer Resigns.

 news 2018-01-18 at 12:02:55 pm Views: 167
  • #49677

    What Happened? Office Depot's Chief Accounting Officer Resigns.
    Office Depot Inc. has announced yet another change in its executive leadership.

    By Keith Larsen.

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    The Boca Raton company (Nasdaq: ODP) announced in a Securities and Exchange Commission (SEC) filing Tuesday that its senior vice president of finance and chief accounting officer, Michael Rabinovitch, told the company Jan. 10 he would resign "to pursue other business opportunities."

    Rabinovitch will continue to stay on with the company until Feb. 28, according to the SEC filing. His departure from Office Depot comes about two weeks after the company appointed a new chief financial officer.

    Rabinovitch has held the position of chief accounting officer since March 3, 2017, and has been with the company since January 2015, having previously served as Office Depot's vice president of finance North America.

    Prior to joining the company, Rabinovitch was the executive vice president and chief financial officer of Birks Group, a North American manufacturer and retailer of fine jewelry and luxury timepieces. Before working at Birks Group, Rabinovitch was the vice president of finance of Claire’s Stores Inc.

    In 2017, Rabinovitch’s base salary was $325,000 per year with a target bonus set at 60 percent of the base salary.

    Office Depot has made a number of changes at the executive level since Gerry Smith took the reins as CEO less than a year ago. Under his leadership, Office Depot has been refocusing itself as a technology and business services company.

    In September, the company hired a former ADT executive as its chief marketing officer, and in October, the company announced that its chief administrative officer would resign.

    Office Depot has struggled in recent years to compete with Amazon and e-commerce companies on its core office supply products. For the first nine months of 2017, the company reported that net income dropped to $92 million from $193 million in the prior-year period, according to its quarterly filing with the SEC. During the same time, net earnings per share decreased to 17 cents from 35 cents.

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