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US: After failed merger Office Depot CEO to retire

By  |  August 23, 2016

The fallout of Office Depot’s failed $6.3 billion merger with Staples continues.

Office Depot said Monday that CEO Roland Smithwill step down from his role by the end of the first quarter of 2017. That announcement comes just a few months after Staples and Office Depot called off their merger following antitrust concerns from federal regulators.

Smith, 62, has been with Office Depot since November 2013 under a three-year contract, helping to oversee Office Depot’s $1.17 billion merger of OfficeMax that occurred that same year. He will remain as Office Depot’s chairman of the board.

“My decision to retire has not been an easy one,” said Smith in a press release statement. “In 2013, I set aside a number of personal ambitions to accept a three-year contract with Office Depot, and it’s now time for me to refocus on those priorities.”

Full Content: USA Today

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