Office Depot Inc (NASDAQ:ODP) a major omnichannel provider of business products, technology and services, reported the appointment of Joseph T. Lower as Chief Financial Officer and Executive Vice President, effective January 8, 2018.
As Chief Financial Officer, Lower will report directly to CEO Executive Officer Gerry Smith. He will also be a member of the Executive Committee. Lower will be responsible for managing all financial aspects of the firm, including accounting and financial reporting, financial planning and analysis, as well as overseeing the internal audit, treasury, tax and investor relations functions.
The CEO of Office Depot said that they are thrilled to have Joe join the firm as they continue to revolutionize the future. His operational skills, financial markets experience and business acumen will help them deliver value for their shareholders. He will play a vital role in accelerating their initiatives to disrupt the market and test the conventional ways of thinking about their core business.
Lower expressed that Office Depot is in a thrilling early stage of transforming from a conventional provider of mainly office products into an extensive business and product services platform, and he is delighted to be joining the company at this pivotal time. Office Depot boasts a robust balance sheet and an inclination to reinvest to reinforce its core while alongside pursuing innovative prospects to disrupt traditional retail thinking and leverage its key assets.
Lower recently served as Chief Financial Officer and Vice President at B/E Aerospace, Inc., where he was responsible for the financial reporting for the firm. Before joining B/E Aerospace, Lower was VP of Business Development & Strategy for The Boeing Company.
In the last trading session, the stock price of Office Depot declined 4% to close the day at $3.36. The decline came at a share volume of 5.42 million compared to average share volume of 5.03 million.