Chief Accounting Officer at Office Depot resigns.
The chief accounting officer at one of South Florida’s largest public companies has resigned.
Scott Kriss recently notified Office Depot of his decision to step down from his role “for personal reasons," according to a filing with the U.S. Securities and Exchange Commission.
News of his departure, expected June 14, follows an April 4 announcement that the company (Nasdaq: ODP) expects a $15 million operating loss from its IT services division CompuCom in its fiscal first quarter. The company’s stock has declined 33%, to $2.54 a share, since it notified investors of the anticipated shortfall.
Office Depot hired Kriss, a former executive of The Wendy’s Co., for his role a year ago. His appointment was one of many leadership shifts that came with CEO Gerry Smith’s January 2017 arrival.
Kriss will work closely with Joseph T. Lower, Office Depot’s executive VP and CFO, until his departure.
Office Depot is one of South Florida’s largest public companies, with $11 billion in annual revenue. The Boca Raton-based retailer has made major efforts to transform its business since its failed merger with Staples, but some analysts are recommending that investors sell off their shares ahead of what they expect will be an “ugly year" for the company.
The company says it has a plan to offset the expected losses from CompuCom. Office Depot’s preliminary first quarter results came with a promise to pursue “a companywide profit improvement plan to further improve cost efficiencies throughout the entire organization."
“These initiatives include organizational improvements and leveraging the use of technology and automation in our facilities and offices," Smith said in the announcement.
The company said it will explain what that means upon the May 8 release of its first quarter results.