Updated from 1:15 p.m. EDT
named Bruce Nelson its new chief executive on Tuesday.
He succeeds David Fuente, who becomes nonexecutive chairman of Office Depot's board of directors.
Nelson, 55, was president and chief executive of
Viking Office Products
before its acquisition by Office Depot in 1998. He has since served as president of
Office Depot International
. Prior to joining Viking in 1990, he was president and chief executive of
BT Office Products USA
. Nelson also spent more than two decades in various leadership positions at
Boise Cascade Office Products
Looking forward, Nelson in a statement focused on the importance of earning customer loyalty, of "impressing them with fanatical service across all channels and brands."
Nelson also said the company's highest priority will be to grow. Drawing on his prior position as president of Office Depot International, Nelson said the company intends to capitalize on international strength and will look to expand geographically. "We will be acquisition-minded as we do this in order to more rapidly achieve our objectives," he added.
Office Depot last week reported second-quarter earnings in line with Wall Street's expectations according to a poll by
First Call/Thomson Financial
. The company showed net profit of $58 million, or 18 cents a share, compared with $74.1 million, or 19 cents a share, a year earlier. Analysts had cut estimates after the company issued a profit warning in May, saying soft sales that month and weak currencies in foreign countries would undermine second-quarter earning.
The company still turned in sales growth of 12%, quarter to quarter, to $2.6 billion from $2.3 billion, and worldwide same-store sales rose 9% in the second quarter.
Office Depot finished up 1/4, or 3.9%, at 6 5/8.