The newly formed
Office Depot, Inc.
) recently appointed Stephen E. Hare as Executive Vice President
and Chief Financial Officer (CFO) with immediate effect. Hare
replaces Co-CFOs Mike Newman and Deb O'Connor and is accountable
to CEO Roland C Smith.
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While Newman resigned from his post, O'Connor will resume the
role of Senior Vice President, Finance and Co-Chief Accounting
Officer after serving an interim period of four months as Co-CFO.
Notably, the company appointed Smith as Chairman and CEO a week
after official completion of the merger between Office Depot and
OfficeMax in November.
The new CFO Hare has prior experience as the Senior Vice
President and CFO of
The Wendy's Company
) from 2011 to Sep 2013. He had also served as the Senior Vice
President and CFO of Wendy's/Arby's Group, Inc. from 2008 - 2011
and was the CFO of Arby's Restaurant Group, Inc. as well.
In Feb 2013, OfficeMax and Office Depot decided to merge their
businesses in order to compete better with the industry
) and online rivals such as
). The decision was for the benefit of both companies, which have
been grappling with soft sales due to tight business budget.
Consumers and small businesses remain frugal about big-ticket
spending on items such as business machines and other durable
The all-stock merger agreement, which involves 2.69 Office Depot
shares for each share of OfficeMax, would result in cost
synergies in the upper half of $400 million to $600 million by
the end of the third year following the conclusion of the deal.
The new company with total revenue of about $17 billion for the
12 months ended Sep 28, 2013 has approximately 66,000 employees
worldwide and operates over 2,200 retail outlets in 59 countries.
Currently, Office Depot carries a Zacks Rank #3 (Hold).