Office Depot post goes to Smith, not Nardelli
Office Depot announced its new CEO — and it’s not Bob Nardelli.
The office products company resulting from the merger of OfficeMax and Office Depot appointed Roland C. Smith as chairman and CEO, the company announced.
Most recently, Smith was the CEO and president of Delhaize America, LLC, which is the U.S. division of Delhaize Group. Delhaize America produces over $18 billion in annual revenue through its U.S. supermarkets, including Food Lion and Hannaford.
While at Delhaize, Smith orchestrated the successful integration of the major supermarket chains owned by Delhaize, including successful dispositions of three of the chains, thereby materially improving profitability and driving substantial shareholder value creation at Delhaize Group.
Previously, Smith was president and CEO of The Wendy’s Company; president and CEO of Wendy’s/Arby’s Group, Inc.; and CEO of Wendy’s International, Inc.
“I am honored to accept the position of chairman and CEO of Office Depot, Inc.,” said Smith. “With the combined resources of Office Depot and OfficeMax, we have the ability to transform the company and create an exciting new organization that exceeds the needs and desires of our customers, provides new opportunities for our global associates, becomes a more appealing partner to our vendors, and increases value for our shareholders.”
Sterling’s Q3 net income nearly half that of 2012
Sterling Construction Company did not fare well this quarter, as indicated by a decrease in revenues, net income down by 48.5%, and an overall loss of $18.5 million in the nine months ended Sept. 30.
Total revenues came in at $185.9 million, down from $205.2 million in the third quarter of 2012.
Net income weighed in at $2.1 million, compared to $4.07 million in year-ago terms. The total loss sustained over the nine-month period represents an even more drastic disparity compared to 2012, when the company had netted $11.9 million in income in the same period.
President and CEO Peter MacKenna pointed out that third quarter results were still improved relative to the second and first quarters of 2013.
"In addition to seasonally stronger revenues, we began to benefit from the improving composition of our backlog, which translated into a substantial increase in gross profit and gross margin relative to the first two quarters of the year," he said. "Our focus for the final quarter of 2013 and the coming year is on improving profitability. Our current mix of projects in backlog, and those that we are pursuing point to meaningful, sustainable gross margin expansion over the coming year."