Office Depot reports executive departures

DELRAY BEACH, Fla. Office Depot today announced that evp and cfo, Patricia McKay, is leaving the company effective March 1. Charles Brown, the company’s president, international, has agreed to assume the role of acting cfo following McKay’s departure, the company reported.

Brown was Office Depot’s evp and cfo from 2001 to 2005. Office Depot plans to begin its search for a permanent cfo immediately and will announce a successor when this process is completed.

Commenting on McKay’s departure, Steve Odland, Office Depot’s ceo, said, “Pat has made valuable contributions to the company since joining the management team in 2005. We thank her for her tireless work and dedication to the company. We also wish her all the best in her future endeavors.” 

The company also announced the departure of merchandising evp Kim Maguire who joined the company in November 2007 as part of a shakeup at the company that included the firing of four executives. According to the Office Depot press release, Maguire left “for personal reasons,” and the company is looking to fill the position quickly.

Office Depot reported fourth quarter sales increased 1% to $3.9 billion. Net earnings were $19 million compared to earnings of $127 million in the same period of 2006. Earnings per share on a diluted basis were 7 cents for the quarter, versus 45 cents in the fourth quarter of 2006.

For the full year, sales increased 3% to $15.5 billion. Net earnings for fiscal 2007 were $396 million compared to earnings of $503 million in the same period of 2006. Earnings per share on a diluted basis were $1.43 in 2007, compared to $1.75 in the prior year.