New President for CompuCom

Originally written and published by Keith Larsen at bizjournals.com

Office Depot appoints president of CompuCom

Office Depot Inc. has appointed Dan Stone (pictured) as president of CompuCom, according to a filing with the U.S. Securities and Exchange Commission.

Stone was previously the chief executive officer of CompuCom Systems from November 2016 until last November when the company was purchased by Office Depot.

Prior to joining CompuCom, Stone served as president and general manager of Lenovo Latin America and was the chief strategy officer at Lenovo Group from 2012 to 2013.

bizjournals.com reported, as president of CompuCom, Stone’s annual base salary will be US$575,000. He will also be eligible to participate in Office Depot’s corporate incentive plan with a target incentive payout for 2018 set at 75 percent of his annual eligible earnings. Office Depot announced the appointment March 26 and Stone started the position on April 1.

Boca Raton-based Office Depot acquired CompuCom for about $1 billion in October 2017. The purchase signaled Office Depot’s first step in transitioning from a traditional office supplies company to a business services company.

Office Depot, one of South Florida’s largest publicly traded companies, has seen sales decline for 11 straight quarters and has struggled to compete with e-commerce giant Amazon.com.

CompuCom, the company Office Depot is betting on to revive its fortunes, has also struggled in recent years, as both sales and revenue declined between 2014 and 2016.

Office Depot reported disappointing financial results in 2017: Revenue declined to US$10.24 billion from US$11.02 billion in 2016. Profit declined to US$2.4 billion from US$2.7 billion the prior year.

As Office Depot shifted its focus to technology services company from office supplies retail sales, current CEO Gerry P. Smith (no relation to previous CEO Roland Smith) shook up Office Depot’s leadership with former executives from technology companies including Boca Raton-based ADT Inc. and Lenovo, where Smith was a former executive vice president.