Mike Newman

BOCA RATON, Fla. -- Office Depot (NYSE: ODP) announced that Charlie Brown, President, International Division, is leaving the organization effective today. “Charlie Brown was terminated for having an improper relationship with another associate,” said Neil Austrian, Office Depot’s Chairman and Chief Executive Officer. “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.” About Office Depot

Boca Raton, Fla. -- Office Depot said it will restate its finances for the second and third quarters of fiscal 2010 as well as for the full fiscal year. The company said the U.S. Internal Revenue Service denied its claim for an $80 million benefit related to taxes. The removal of the benefit, which had already been recorded in financial statements, will result in a loss for 2010 of $46 million. Previously the company said it earned $33 million. In addition, the $63 million current tax receivable associated with the carryback amount will be removed from the balance sheet,