Bulletin U.S. nonfarm-payrolls expansion in September is smallest since April 2021 Treasury yields climb as unemployment drops and wage growth remains strong »
Investor Alert

New York Markets Open in:

Aug. 24, 2021, 9:51 a.m. EDT

ODP Corp. and Office Depot name post-spinoff CEOs

ODP Corp. (NAS:ODP) has named the chief executives who will run ODP and Office Depot when the two companies complete their tax-free spinoff. Gerry Smith will continue to lead ODP and its operating companies, including the contract sales channel, which will be renamed ODP Business Solutions, and a new B2B digital platform technology business called Varis. Kevin Moffitt, currently chief retail officer, will serve as CEO of Office Depot, which has 1,100 Office Depot and OfficeMax store locations. The separated companies will run independently but are expected to share commercial agreements that will allow them to leverage opportunities in areas like supply chain. ODP shares have surged nearly 54% for the year to date while the benchmark S&P 500 index (S&P:SPX) has gained 19.4% for the period.

Link to MarketWatch's Slice.