Mark Cosby, president of Office Depot’s North American operations, will leave the Boca Raton-based company “to pursue other opportunities,” the company said Friday in a filing to the Securities and Exchange Commission.
No departure date was reported in the filing, but the move was foreshadowed in August when the company announced the retirement of CEO Roland Smith. The announcement said Smith planned to stay on until a successor is named, likely in the first quarter of 2017. At that point, the CEO and president positions would be consolidated, the announcement said.
Cosby was named the company’s North American president in July 2014. He came to the company with 30 years of retail experience, and had most recently served as president, pharmacy at CVS Caremark Corp.
When hired, Cosby’s base salary was $850,000. He was granted a $500,000 sign-on bonus, a sign-on equity award valued at $1 million and was to receive an annual equity award valued at $2.5 million, according to a 2014 corporate filing announcing his hiring. Friday’s announcement stated he will be eligible to receive severance benefits “in connection with a termination of employment without cause.”
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The retailer has been aggressively moving to cut costs since its planned merger with rival Staples was called off in May. On Nov. 2, the company announced plans to close 300 stores over three years. In the third quarter, it announced a deal to sell its European business, expected by year’s end. The moves helped boost the chain’s profitability, Smith said.
Date: November 24, 2016