This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Office Depot And OfficeMax Provide Update On CEO Search

Stocks in this article: ODP OMX

Office Depot, Inc. (NYSE:ODP) and OfficeMax Incorporated (NYSE:OMX) today provided an update on the CEO search process for the combined company as part of the overall progress on integration planning.

At the time that Office Depot and OfficeMax agreed to merge, both companies’ boards of directors determined to undertake a comprehensive search process, which would consider both internal and external candidates in order to identify the best-qualified CEO to lead a combined company with $18 billion in pro forma revenue in 2012. To date, more than 100 candidates have been reviewed and vetted, and eight of the top candidates have already been interviewed. The CEO Selection Committee has narrowed the selection process to five exceptional candidates it believes can lead the combined business forward following the merger, with the goal of having a permanent CEO in place by September.

As announced on June 11, 2013, the two companies hired executive search firm Korn/Ferry International to assist the CEO Selection Committee in its comprehensive search. The Committee is co-chaired by OfficeMax Board Member Jim Marino, the former President and CEO of Alberto Culver Company, and Office Depot Board Member Nigel Travis, the Chairman and CEO of Dunkin’ Brands, Inc.

Each member of the Committee has been actively engaged in evaluating the slate of candidates, including several that were suggested by Starboard Value, LP, an investor in Office Depot’s stock. The criteria for evaluating qualified candidates included: public company CEO with Wall Street credibility and a global perspective, or strong executive from a Fortune 100 organization; high integrity, team building, transformational leader with a proven track record; and experienced business integrator.

“We are very pleased with the progress made on the joint CEO search process and the strong caliber of CEO candidates we have at present,” said Mr. Travis. “Our objective is to have a candidate in place prior to the closing of the merger to address critical issues such as headquarters location, company name, culture and strategy.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs