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Office Depot Parent ODP’s Top Compensated Executives In 2022

Joseph F. Kovar

ODP, the parent company of Office Depot, has released the full annual compensation of its six named executive officers, including five executives whose base salaries remained flat with fiscal 2021, as well as a new executive on the list who enjoyed a tiny raise after her appointment to her new role.

For ODP, 2022 was a time of relative stability.

Nearly a year after Staples and ODP cancelled Staples’ planned acquisition of ODP, the Boca Raton, Fla.-based parent company of Office Depot and Office Max in June squelched concerns about its future when it called off a plan to split the company into separate B2B and consumer businesses.

ODP instead reorganized into four separate business units, including its B2B-focused ODP Business Solutions Division, its retail-focused Office Depot Division, its supply chain and procurement-focused Veyer Division, and its B2B marketplace-focused Varis Division.

[Related: 4 Key Takeaways From Office Depot’s Sale Of CompuCom]

ODP in January 2022 also finalized the sale of IT solution provider CompuCom for $305 million, a considerable discount compared to the $1 billion that Office Depot paid in 2017 when it acquired CompuCom.

ODP also had a very stable fiscal year 2022, which ended December 31. The company reported sales for the year basically flat over last year at $8.49 billion thanks to a 10-percent jump in its B2B sales, with net income down just slightly from the previous year.

For ODP, executive salary also remained stable. The company, in its March 16, 2023 proxy statement, unveiled the total compensation packages received by the company’s six named executive officers. Four of those named executive officers saw small gains in their total compensation, while CEO Gerry Smith saw a moderate drop in compensation. The sixth executive joined the top exec team only recently, and so no direct comparison was available.

Check out how much ODP compensated its executive officers in fiscal year 2022 by clicking through this slideshow.

 
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Joseph F. Kovar

Joseph F. Kovar is a senior editor and reporter for the storage and the non-tech-focused channel beats for CRN. He keeps readers abreast of the latest issues related to such areas as data life-cycle, business continuity and disaster recovery, and data centers, along with related services and software, while highlighting some of the key trends that impact the IT channel overall. He can be reached at jkovar@thechannelcompany.com.

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