Office Depot Inc (NASDAQ:ODP) has disclosed that Joseph T. Lower has been appointed as the chief financial officer and executive vice president of the company. Lower will be reporting directly to Office Depot’s CEO, Gerry Smith, and his responsibilities will include overseeing the company’s financial aspects. This will include managing investor relations, treasury, internal audit and tax functions. Other responsibilities will include financial and accounting reporting as well as financial analysis and planning.
“We are excited to have Joe join the company as we continue to transform for the future. His operational skills, business acumen and financial markets experience will help us deliver value for our shareholders,” Smith said.
Before the appointment as Office Depot’s CFO, Lower was the chief financial officer and vice president at B/E Aerospace Inc where he was in charge of the company’s financial reporting. Prior to that Lower worked at The Boeing Company where he had worked for 12 years with his last position being strategy and business development vice president. Lower has also worked at Credit Suisse where he held various roles in investment banking including corporate finance and mergers & acquisitions.
With regards to his education, Lower obtained his MBA from Northwestern University’s J.L. Kellog Graduate School of Management. For his undergraduate studies Lower attended Indiana University Kelley School of Business where he obtained a Bachelor of Arts degree in Finance.
Shortly after the appointment of Lower as CFO, Office Depot has also revealed in an SEC filing the resignation of the company’s chief accounting officer and finance senior vice president, Michael Rabinovitch. Prior to the chief accounting officer position Rabinovitch was the company’s North American finance vice president. Before he joined Home Depot Rabinovitch worked with Birks Group as well as Claire’s Stores Inc.
Since Smith took over as the chief executive office a number of executive changes have been made at the retailer as the firm turns its focus to business services and technology. In recent years Office Depot has been struggling as competition from online retailers heats up.
On Monday shares of Office Depot Inc fell by 0.28% to close the day at $3.54 per share.