The office supplies company has announced the replacement for its retiring CFO, Stephen Hare.
Office Depot Inc. has announced that Joseph T. Lower has become the company’s new Executive Vice President and Chief Financial Officer.
In his new role, Lower will report to the products, technology and services provider’s CEO Gerry Smith; his responsibilities will include overseeing all aspects of the company’s finances, such as planning, analysis, accounting, and reporting, plus managing taxes and audits.
Prior to joining Office Depot, Lower held the same roles at B/E Aerospace Inc., and also spent twelve years at The Boeing Company, as well as six years in various investment banking roles at Credit Suisse. He holds both a Masters degree in Business Administration from the J.L. Kellogg Graduate School of Management at Northwestern University, and a BA in Finance from the Indiana University Kelley School of Business.
“I’m honoured to be joining the team at this pivotal time,” he declared, saying that the company was in “an exciting early stage” of the transformation from traditional office products provider to a “broader product and business services platform.”
He added: “The company has a strong balance sheet and a willingness to reinvest to strengthen its core while concurrently pursuing innovative opportunities to leverage its key assets and disrupt traditional retail thinking.”
Lower will replace Stephen E. Hare in both positions; Hare is retiring after four years in the job, but will assist in the transition phase.
“We are excited to have Joe join the company as we continue to transform for the future,” announced Gerry Smith. “His operational skills, business acumen and financial markets experience will help us deliver value for our shareholders. He will also play a key role in accelerating our efforts to disrupt the market and challenge the traditional ways of thinking about our core business.”
Additionally, Smith paid tribute to Lower’s predecessor, thanking Hare for “his leadership and contributions over his distinguished career”, and wishing him the best for his retirement.
It has also been announced that Neil Maslen has been appointed the CEO of Office Depot Europe; Maslen formerly served as the subsidiary’s Chief Sales Officer, and took up his new position on January the 1st.
