The ODP Corp. is separating into two independent, publicly traded companies by means of a tax-free spin-off to shareholders and has announced its leadership for each.
Gerry Smith will continue to serve as CEO of ODP Corp., which will operate as a B2B solutions provider serving small, medium and enterprise-level companies.
Kevin Moffitt, currently ODP evp, chief retail officer, will become CEO of Office Depot upon completion of the spin-off, serving consumers and small businesses via 1,100 Office Depot and OfficeMax retail locations.
In announcing the move, Joseph Vassalluzzo, ODP non-executive chairman of the board, said, “We are excited to take this significant step in our separation planning as these decisions are foundational to others to come. Gerry has done an incredible job transforming the company since joining as has Kevin, positioning it to be able to pursue the planned separation. We are confident that Gerry and Kevin will be the right leaders to help each business strengthen our ability to meet the needs of our customers while delivering profitable growth and greater value to our stakeholders.”
Smith added, “Kevin’s experience with leading our retail and e-commerce organizations over the past several years positions him as the ideal candidate to become CEO of Office Depot upon the separation.”
Details of the final separation, such as the date, still are pending, the company noted.