Steve OdlandAs it released preliminary earnings results Monday, Office Depot (ODP) also announced that Chairman and Chief Executive Officer Steve Odland is stepping down.

The office supply retailer said that Odland, who has been at his job since 2005, has resigned from the company effective November 1, 2010 by mutual agreement with the board of directors. Neil Austrian, lead director, will serve as interim chairman and CEO, while the board conducts a search for a permanent replacement.

The announcement comes only days after the company, Odland and another executive agreed to pay $1 million to settle Securities and Exchange Commission charges that Office Depot improperly disclosed key financial information.

In addition, Office Depot also announced preliminary third-quarter results. The Boca Raton, Fla. retailer expects to report sales of approximately $2.9 billion, which is 4% lower than the same period last year, but in line with analyst estimates.

The company expects to report earnings of approximately $54 million in the quarter, compared to a loss of $413 million in the third quarter of 2009. It expects to report earnings per share of approximately 18 cents in the quarter, compared to a loss per share of $1.51 in the same period of 2009. Excluding a one-time gain of 15 cents, earnings are expected to be 3 cents per share, which would widely exceed analysts estimates of a loss of 3 cents per share.

Shares of Office Depot shot up more than 12% in premarket trading.

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Luna

Office depot is a very corrupt company in my opinion. I bought a computer that never worked from the day I bought it. It was a clearance computer. Turns out it was owned by somone else and was a piece of garbage they needed to unload. The computer would constantly freeze and was very slow. I did a restore to an early date and the previous owner had it password protected so I could not even get on at this point. I was NOT told this was a used computer and that it did not work. Deciept and lies is how they do business. When I brought the computer in they wanted nothing to do with me said they would do nothing to help me. This company needs to be shut down and investitaged for illegal and fradulent business dealings.

October 25 2010 at 7:29 PM Report abuse rate up rate down Reply
Luna

I will never shop at office Depot again. They scam customers and sell very bad quality merchadise. Even the pens they sell don't work. I'm sure they bought them very cheap thinking they could unload them at a huge profit knowing customers won't bother returning them. I doubt they will stay in business much longer. It would be very foolish to buy stock in this poorly managed company in my opinion. They will soon me out of business.

October 25 2010 at 1:07 PM Report abuse +1 rate up rate down Reply
marine1942

He has done terrible for the company.

October 25 2010 at 8:36 AM Report abuse +1 rate up rate down Reply