Office supply giant names tech exec as new CEO

Office Depot has named a successor to CEO Roland Smith, who previously announced his intention to retire from the company. The company also named a new chairman.



The retailer has appointed Gerry P. Smith as CEO, effective Feb. 27. Smith currently serves as executive VP and COO of Lenovo Group, a $45 billion global technology company.



Smith joined Lenovo in 2006 and was instrumental in the company’s growth to become the largest personal computer company, according to a statement by Office Depot. Prior to Lenovo, Smith held executive positions at Dell, from 1994 until 2006.



“Gerry possesses significant operating expertise, having successfully led business units across Lenovo’s entire product portfolio, including an industry recognized supply chain organization,” said Warren Bryant, lead director of the board of directors and chair of the CEO search committee. “His long-standing relationships with some of Office Depot’s largest suppliers will enable him to quickly transition into the role.”



Although Smith previously announced his intention to continue as chairman, Office Depot is replacing him with director Joseph Vassalluzzo as chairman, effective Feb. 27, according to the news release. Vassalluzzo joined Office Depot's board in August 2013 and is now Chair of the Finance and Integration Committee. He was previously the vice chairman at Staples.



Smith joined Office Depot as CEO in 2013, just after the company completed its merger with OfficeMax. The chain has been struggling to reposition itself since its merger with Staples was called off amid antitrust concerns.



“Roland has been an outstanding CEO and, on behalf of the entire board, I’d like to express our sincere appreciation for his leadership,” said Bryant. “He has consistently delivered positive results, led the successful integration of Office Depot and OfficeMax to achieve synergies and efficiencies significantly exceeding original expectations, and he created and implemented a new three-year strategic plan. As a result of his contributions, the company is well positioned for continued future success.”