Roland Smith, CEO of office supplies retail chain Office Depot, said on Monday (Aug. 22) that he planned to retire as the company’s CEO, although he would still remain as chairman of the board, according to numerous reports.
“My decision to retire has not been an easy one,” Smith said in a statement announcing his plans. “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.”
Smith’s decision comes on the heels of Staples CEO Ron Sargent announcing he was stepping aside in June after the two office supply giants’ plan to merge failed.
After the $6.3 billion merger attempt fell through, both Staples and Office Depot were left scrambling to try and hack out a future in a retail environment more and more focused on eCommerce.
Office Depot also announced earlier this month plans to close an additional 300 stores over the next three years, up from the 400 it closed in 2014.
Smith’s replacement was not announced.
“Roland and his team worked closely with the board to develop a clear and compelling three-year strategic plan that positions the company for profitable growth,” Warren Bryant, the board’s lead director, said in a statement. “Roland has led the company to a position of solid standing, and we appreciate his ongoing leadership and commitment to Office Depot as we identify and transition to our next CEO.”
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