Ms. Leder started her blog as follows (a far more informative take on the situation than what was contained in the company's press release):Office Depot is announcing that its Executive Vice President and Chief Financial Officer, Patricia A. McKay, is leaving the Company effective March 1, 2008. Charles E. Brown, the Company's President, International, has agreed to assume the role of acting Chief Financial Officer following McKay's departure. Brown was Office Depot's Executive Vice President and Chief Financial Officer from 2001 to 2005. Office Depot plans to begin its search for a permanent Chief Financial Officer immediately and will announce a successor when this process is completed.
Commenting on McKay's departure, Steve Odland, Office Depot's Chief Executive Officer, said: "Pat has made valuable contributions to the Company since joining the management team in 2005. We thank her for her tireless work and dedication to the Company. We also wish her all the best in her future endeavors."
Yesterday, Office Depot ODP Announced disappointing fourth quarter results, and mentioned, almost in passing that CFO Patricia McKay, was leaving at the end of the week. We’re sure this sudden departure had nothing — absolutely nothing — to do with a disclosure in the 10-K that the company filed yesterday:Office Depot demonstrates the importance of management change. Stay tuned.We are subject to a formal order of investigation from the SEC, in connection with our contacts and communications with financial analysts during 2007, as well as certain other matters, including inventory receipt, timing of vendor payments, certain intercompany loans and the timing of recognition of vendor program funds.
For more:
Reuters
Financial Week
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