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Office Depot, Inc. Message Board

  • twodogs80 twodogs80 May 23, 2011 6:14 PM Flag

    Office Depot CEO Choice Lands with a Resounding Thud!

     

    Office Depot CEO Choice Lands with a Resounding Thud!


    71 Year Old Austrian Called the Wrong Man at the Wrong Time for CEO Job



    Up-Date 5.23.11 1748 EDT

    Office Depot Names 71 Year Old Board Member as Permanent CEO



    Today Office Depot may have made the biggest mistake in a long line of mistakes, misfires, and bungled opportunities when they named 71 year old long time board member Neil Austrian as CEO.



    Austrian was considered primarily responsible for the hiring of disgraced former CEO Steve Odland. When Odland resigned after Depot (and Odland personally) settled an SEC investigation for $1 million dollars, board member Neil Austrian was named as interim CEO to oversee a “robust search” for a top CEO.



    During the time that Austrian served as care-taker (November 2010 until present), Office Depot had to restate its 2010 financial statements (that Austrian certified); became the subject of another Department of Justice investigation in February of 2011; became the subject of a seventh attorney general investigation (NY AG); fired their highly recruited senior VP of contract sales (Dave Grove) after only 14 months at Office Depot; had their executive VP for merchandising resign in April of 2011; and had a shareholders class action lawsuit filed against Office Depot, CFO Mike Newman and Mr. Austrian for securities fraud.



    A senior industry insider quipped; “Office Depot could not have done worse in naming Austrian as CEO unless they brought Odland back to finish his destruction of the company”.






    Breaking News: Office Depot Names 71 Year Old Board Member as Permanent CEO
    5/23/11

    Boca Raton, FL

    Office Depot (ODP)

    In an underwhelming move the Office Depot board named 71 year old board member and interim CEO Neil Austrian as the company’s permanent CEO.



    The choice was considered a major disappointment to industry insiders, investors and analysts who were hoping the company could attract a seasoned outside CEO with turn-around experience with troubled companies; and someone who could bring fresh blood and new views and ideas to the beleaguered company.

    .

    Hopes have been fading that the company could attract a top flight outside CEO as constant rumors surfaced that qualified outside candidates were walking away from the scandal plagued company.

    This topic is deleted.
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    • This could very well signal buyout...

      Plenty of qualified CEO's sitting at home with nothing to do right now. They would surely take a job running a 40,000 person organization, with a lucrative exit package inked well ahead of time. There would be nothing to lose.

      That's the way it works. And, they didn't have to force this, they could have easily taken another month.

      Could get interesting, nice domestic footprint, strong brand, right price.

      Good luck.

    • Towdogs80 david sherwin please go scratch.

 
ODP
8.84+0.090(+1.03%)Dec 26 4:00 PMEST

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