![Giftmio [Lifetime] Many GEOs](data:image/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHdpZHRoPSI3MjgiIGhlaWdodD0iOTAiIHZpZXdCb3g9IjAgMCA3MjggOTAiPjxyZWN0IHdpZHRoPSIxMDAlIiBoZWlnaHQ9IjEwMCUiIHN0eWxlPSJmaWxsOiNjZmQ0ZGI7ZmlsbC1vcGFjaXR5OiAwLjE7Ii8+PC9zdmc+)
On the heels of a Q2 earnings report for Office Depot parent company The ODP Corporation, its chief financial officer (CFO) announced plans to step aside. Within the announcement, ODP said D. Anthony Scaglione will move on “to pursue one other profession opportunity.” His final day as CFO will probably be Sept. 13.
Scaglione is predicted to work with ODP CEO Gerry Smith within the meantime to facilitate a smooth transition as the corporate identifies his substitute.
Office Depot is No. 21 within the Top 1000, Digital Commerce 360’s database of the most important North American online retailers by annual web sales. Within the Top 1000, Office Depot falls under the Office Supplies category. Digital Commerce 360 projects that Office Depot’s web sales will reach $5.13 billion in 2024.
Office Depot web sales by yr
Who’s Office Depot owner ODP’s departing CFO, D. Anthony Scaglione?
Scaglione joined ODP in 2020, arriving from ABM Industries Incorporated, where he had also served within the CFO role.
“It has been a privilege to work as a part of the ODP team and I’m happy with the progress we’ve got made toward achieving our strategic goals,” Scaglione said in a press release released by ODP on Aug. 14. “ODP is well positioned with a powerful balance sheet and dedicated team to proceed driving forward its strategic transformation to create shareholder value.”
Scaglione’s time at ABM lasted 11 years. Before that, he also held finance-related executive positions at CA Technologies.
Currently, Office Depot finds itself at a difficult point after the office supplies retailer’s sales dropped 12% yr over yr in its most up-to-date quarter. ODP’s net sales across the board were down 10% in the course of the same period.
ODP’s seek for a brand new CFO
“On behalf of ODP, I would like to thank Anthony for his significant contributions to ODP over the past 4 years,” Smith said. “Under his financial leadership, ODP has made great strides in its transformation and has strengthened its foundation to have the ability to deliver profitable growth in the longer term.”
During his most up-to-date earnings call, Smith characterised ODP’s current challenges as “macroeconomic headwinds in a difficult business environment, which reduced the extent of corporate and private spending.”
He assessed that this climate has negatively impacted business, particularly electronics and office supplies sales. The subsequent CFO will step right into a turnaround effort, which Smith said he believes is achievable by the tip of 2024.
“Anthony is supported by a talented finance team that can proceed to serve the corporate and its shareholders,” Smith said. “We thank Anthony for all his efforts and need him well in his recent role.”
Do you rank in our databases?
Submit your data and we’ll see where you slot in our next rating update.
Enroll
Stay on top of the newest developments within the online retail industry. Enroll for a complimentary subscription to Digital Commerce 360 Retail News. Follow us on LinkedIn, Twitter, Facebook and YouTube. Be the primary to know when Digital Commerce 360 publishes news content.
