Office Depot parts company with chief exec
Bruce Nelson leaving by mutual agreement
Stationery retailer Office Depot has announced the resignation of Bruce Nelson, its chairman and chief executive.
Nelson has left the US and European retailer by mutual agreement with the board. Director Neil Austrian, 64 will serve as interim chairman and chief executive, while a permanent replacement is sought.
Office Depot lowered its earnings forecasts for the third quarter and the year last month, blaming lower sales because of hurricane disruptions as well as lower European sales.
Austrian has been a member of the board of Office Depot since the 1998 merger between Office Depot and Viking Office Products, where he had been a board member since 1988.
James Heskett, lead director of Office Depot, said: “We appreciate Bruce Nelson’s many contributions to our company over the past four years and wish him well in his future endeavors. We are both fortunate and gratified to have a person of Neil Austrian’s caliber on our board, who can immediately step into the roles of chairman and CEO of the company while we search for a permanent replacement for this position.
“Neil has been an important contributor to our Board, and he will bring a high level of energy to a role that, while interim in duration, will be anything but that in the terms of the level of Neil’s engagement.”
Austrian said: “I am excited by the potential in Office Depot and intend to do all I can to maximize that potential. In particular, I am committed to continuing the strategic direction that we have established to grow the business and improve financial performance.
“I will be working closely with the search firm to find a world-class executive to provide ongoing leadership for our company. Our entire board is committed to finding the right leader to build upon a solid foundation and ignite significant growth for the benefit of our shareholders.”
Nelson said: “I am proud of what I have accomplished over the past four years at Office Depot and believe that we have established a stronger platform from which the Company can pursue growth and continue to do more to meet the needs of customers. I firmly believe that the company’s best years are ahead.”
