On the heels of a Q2 earnings report for Office Depot parent company The ODP Corporation, its chief financial officer (CFO) announced plans to step aside. In the announcement, ODP said D. Anthony Scaglione will move on “to pursue another career opportunity.” His final day as CFO will be Sept. 13.
Scaglione is expected to work with ODP CEO Gerry Smith in the meantime to facilitate a smooth transition as the company identifies his replacement.
Office Depot is No. 21 in the Top 1000, Digital Commerce 360’s database of the largest North American online retailers by annual web sales. In the Top 1000, Office Depot falls under the Office Supplies category. Digital Commerce 360 projects that Office Depot’s web sales will reach $5.13 billion in 2024.
Office Depot web sales by year
Who is Office Depot owner ODP’s departing CFO, D. Anthony Scaglione?
Scaglione joined ODP in 2020, arriving from ABM Industries Incorporated, where he had also served in the CFO role.
“It has been a privilege to work as part of the ODP team and I’m proud of the progress we have made toward achieving our strategic goals,” Scaglione said in a statement released by ODP on Aug. 14. “ODP is well positioned with a strong balance sheet and dedicated team to continue driving forward its strategic transformation to create shareholder value.”
Scaglione’s time at ABM lasted 11 years. Before that, he also held finance-related executive positions at CA Technologies.
Currently, Office Depot finds itself at a difficult point after the office supplies retailer’s sales dropped 12% year over year in its most recent quarter. ODP’s net sales across the board were down 10% during the same period.
ODP’s search for a new CFO
“On behalf of ODP, I want to thank Anthony for his significant contributions to ODP over the past four years,” Smith said. “Under his financial leadership, ODP has made great strides in its transformation and has strengthened its foundation to be able to deliver profitable growth in the future.”
During his most recent earnings call, Smith characterized ODP’s current challenges as “macroeconomic headwinds in a challenging business environment, which reduced the level of corporate and personal spending.”
He assessed that this climate has negatively impacted business, particularly electronics and office supplies sales. The next CFO will step into a turnaround effort, which Smith said he believes is achievable by the end of 2024.
“Anthony is supported by a talented finance team that will continue to serve the company and its shareholders,” Smith said. “We thank Anthony for all his efforts and wish him well in his new role.”
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