Wednesday November 6th, 2013 - 9:41AM
Office Depot, Inc. and OfficeMax Inc. have announced the completion of their merger, with the combined company using the name Office Depot, Inc. and trading on the New York Stock Exchange under the symbol ODP. The reconstituted Office Depot, Inc., will have a combined revenue for the 12 months ended September 28 of approximately $17 billion, the company said in a statement.
The company now employs about 66,000 associates worldwide, it pointed out, and serves consumers and businesses in 59 countries with more than 2,200 retail stores, E-commerce sites, and a dedicated business-to-business sales organization delivered through a global network of wholly owned operations, joint ventures, franchisees, licensees and alliance partners.
Office Depot’s proprietary brand portfolio includes Office Depot, OfficeMax, OfficeMax Grand & Toy, Viking, Ativa, TUL, Foray, and DiVOGA.
At least for now, the combined company will operate Office Depot and OfficeMax stores as well as Officedepot.com and Officemax.com, it maintained. Each company will maintain its respective loyalty programs and expects to announce a combined loyalty initiative during the course of 2014, it added.
A CEO Selection Committee has declared that the uncertainty surrounding the timing and any potential conditions of the United States Federal Trade Commission approval made finalizing the search for a new CEO difficult, but it will continue with a process expected to close in the near future now that the FTC has cleared the merger. In the interim, Neil Austrian, chairman and CEO of Office Depot, and Ravi Saligram, president and CEO of OfficeMax, will serve together as co-CEOs, executing integration plans. The revamped company will continue to operate in both Boca Raton, FL and Naperville, IL until it appoints a new CEO and finalizes a decision on a headquarters location, it reported.
Office Depot also announced that the members of its new board of directors. Aside from Saligram and Austrian, the 12-person board includes five independent directors from each of the Office Depot and OfficeMax Boards. Additional directors are, according to the company, Warren Bryant, Rakesh Gangwal, Cynthia Jamison, Jim Marino, Michael Massey, Francesca Ruiz de Luzuriaga, Jeff Smith, David Szymanski, Nigel Travis and Joseph Vassalluzzo. Travis and Gangwal will serve as co-chairmen/co-lead directors, the company noted.