The office supplies company said that Odland resigned “by mutual agreement with the Board of Directors”, and will leave on 1 November.
Odland, who has been with the company for five years, is said to act as a consultant to Office Depot until the end of the year “to enable a smooth transition”.
Neil Austrian, Lead Director, will serve as Interim Chairman and Chief Executive, while the Board looks for a replacement.
Austrian has been an Office Depot Director since 1998 when the company merged with Viking Office Products, where he had been a director since 1988.
Between October 2004 and March 2005, he served as Office Depot’s interim Chair and CEO. He became the corporation’s Lead Director in March 2006.
Austrian said: “We thank Steve for his contributions to our company, beginning in 2005, and through one of the toughest economic climates in memory.
“During his tenure, the company grew and achieved record revenues and profits, and we have seen some improvement in margins coming out of the depths of the recession.
“Now that the worst of the recession is behind us and margins are improving, we believe that this is an appropriate time to seek new leadership to make the most of the platform we have in place, return to sales growth, improve financial performance and reinvigorate our franchise. We wish Steve well.”
He added: “We are committed to taking the time needed to find the right leader for Office Depot for the future. In the meantime, I will be very actively engaged in carrying out our strategic plans and helping the company to deliver value for our shareholders.”
Odland said: “I have been proud to have been associated with Office Depot and to have positioned the company for improved performance as the economy recovers.
“We have successfully led the company through the economic downturn and the external issues. I will work with Neil in order to ensure a smooth transition and I look forward to my next chapter.”
Yesterday, The Recycler reported that Office Depot had settled a case with the SEC for $1 million claiming that the retailer only told select analysts that it would not meet earnings predictions.
The case found that Odland and then-CFO Patricia McKay were involved in the allegations and agreed to pay $50,000.
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