Office Depot CEO to Retire
Office Depot announced CEO Roland Smith will retire when a new top executive is named, expected by the first quarter of 2017. The announcement follows the retirement of Staples CEO Ron Sargent following the failed merger of the office supply retailers in May. Smith, 61, said during a conference call Monday morning that he wants to pursue his personal ambition of climbing Mount Everest while he is still "physically able." He said the "right strategy and right people" are in place at Office Depot to bring in a successor.
Total Retail's Take: The fallout from the failed Office Depot-Staples merger continues. A merger with Staples was viewed by many analysts as a way for Office Depot to remain viable, as it's dealt with declining sales and profits. When that merger fell apart, both Staples and Office Depot were left to pick up the pieces. Both have decided to do so with new leadership calling the shots.