Office Depot Inc (ODP) Announces New CEO

Office Depot Inc (NASDAQ:ODP) is getting a new CEO next month.

Office Depot Inc, ODP, Gerry Smith, LenovoOffice Depot Inc’s Board of Executives have chosen Gerry Smith as its next CEO. Smith will take over as the CEO of the office supplies company starting on Feb. 27, 2017. He will be replacing current CEO Roland Smith.

Office Depot Inc CEO Roland Smith previously announced his plans to retire from the company last Fall. This spurred the company’s Board of Executives to start a search for ODP’s next CEO. Gerry Smith is the current Executive Vice President and Chief Operating Officer of Lenovo Group Limited (ADR)’s (OTCMKTS:LNVGY) American division.

“Roland and his team have implemented a compelling three-year strategy and clearly put the company on a positive trajectory,” Gerry Smith said in a statement. “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.”

Office Depot Inc also announce changes to its Board of Executives. Starting off, Gerry Smith will be joining ODP’s Board of Executives as a director once he takes over the CEO position from Roland Smith.

Office Depot Inc’s Board of Executives have also announced a change for current member Joseph Vassalluzzo. Vassalluzzo will be taking on the Board Chairman role starting on Feb. 27, 2017. The company’s Board of Executives chose him because they wanted an independent non-executive to lead the group.

ODP stock was up 2% as of Monday afternoon.

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