News Feature | February 10, 2017

Office Depot Names New CEO

Christine Kern

By Christine Kern, contributing writer

Office Depot Office Max Merger Problems

Lenovo Exec Gerry P. Smith will replace Roland Smith effective February 27.

Office Depot, Inc. has announced the appointment of Lenovo Executive Gerry P. Smith as its new Chief Executive Officer, effective February 27.  He will succeed current CEO Roland Smith when he retires.

On a December conference call with analysts, Roland Smith reiterated a strategy to build business contracts sales and streamline its supply chain in the name of “optimizing and reinventing retail.” Prior to rising to Lenovo EVP and COO, Gerry Smith served as senior vice president of the PC company's global supply chain, and according to an Office Depot press release, research firm Gartner ranked Lenovo’s supply chain among the world’s best. This positions Gerry Smith in an excellent position to take the helm of Office Depot as they enter new waters.

“On behalf of the Board, I’m pleased that we recruited a leader with Gerry’s broad skill set to lead Office Depot at this important time in the company’s history,” said Warren Bryant, Lead Director of the Board of Directors and Chair of the CEO Search Committee. “Gerry possesses significant operating expertise, having successfully led business units across Lenovo’s entire product portfolio, including an industry recognized supply chain organization. His long-standing relationships with some of Office Depot’s largest suppliers will enable him to quickly transition into the role. Additionally, we are impressed with Gerry’s demonstrated ability to lead large, complex organizations.”

With Roland Smith’s retirement, the Board also consciously worked to diversify the overall corporate governance structure by selecting an independent, non-executive Board Chairman to lead the Board of Directors. Also effective February 27, current Board member Joseph S. Vassalluzzo will become the new Chairman. In conjunction with his appointment as CEO, Gerry Smith will also become a director on the Office Depot Board.

Roland Smith announced his retirement following the failed merger attempt with Staples last Fall. Staples closed 242 stores over 2014 and 2015, with another anticipated 50 closings for 2016, while Office Depot shuttered 349 stores in 2014 and 2015 with an additional 400 locations identified to be closed in 2016.