The ODP Corporation Announces Board Changes
The ODP (NASDAQ:ODP) announced notable changes to its Board of Directors. Effective June 10, 2024, Amy Schioldager and Evan Levitt will join the board, and Wendy Schoppert will assume the role of independent Board Chair, succeeding Joseph Vassalluzzo, who is stepping down after 11 years of service. The board will expand from seven to eight members, with an average tenure of five years. Amy Schioldager brings 25 years of experience from BlackRock, providing technical and strategic investment expertise, while Evan Levitt offers extensive financial and audit knowledge. These appointments aim to drive future profitable growth and enhance shareholder value.
- Amy Schioldager and Evan Levitt, both seasoned financial executives, bring significant expertise to ODP's board, potentially enhancing strategic decisions.
- Wendy Schoppert's appointment as independent Board Chair aims to provide stable leadership.
- Board size increasing from seven to eight members, indicating potential for diversified perspectives and governance.
- Average tenure of board members is five years, reflecting a balance between experience and fresh insights.
- Focus on driving long-term profitable growth and shareholder value, which could positively impact stock performance.
- Joseph Vassalluzzo stepping down after 11 years of service could lead to a loss of experienced leadership and institutional knowledge.
- No immediate financial impact or direct benefit to revenue mentioned, which might not satisfy investors seeking short-term gains.
- Changes in board composition can introduce uncertainty regarding future strategic directions and decisions.
Proven Finance Executives Amy Schioldager and Evan Levitt to Join the Board
Wendy Schoppert Appointed Board Chair
The Company also announced that Wendy Schoppert, ODP Board member since 2020, will assume the role of independent Board Chair as Joseph Vassalluzzo steps down from the Board after 11 years of service.
These changes will be effective on June 10, 2024. ODP’s Board size will be increased from seven members to eight, with directors having an average tenure of approximately five years.
“We are thrilled to welcome Amy and Evan to the ODP Board at this juncture, as we continue to evolve our business and position our Company to drive future profitable growth,” said Wendy Schoppert, Chair-Elect of the Board. “They bring valuable perspectives to further enhance the diverse skills of our Board, advance our value creation initiatives, and champion the continued growth of our strong 5C Culture.”
“Both Amy and Evan are proven financial executives with decades of leadership experience at Fortune 500 companies,” Schoppert continued. “With 25 years of experience at BlackRock, Amy brings technical and strategic expertise, having led investment teams across markets and segments, and has deep shareholder and public company governance experience. Evan has extensive financial and audit expertise across industries, as well as a strong understanding of distribution and consumer businesses. We look forward to leveraging their unique backgrounds as we continue to focus on driving long-term profitable growth and shareholder value.
“We would also like to thank Joe for his Board service, including as independent Chairman for the past seven years. His leadership and insight have been instrumental through ODP’s evolution. We wish him all the best in the future,” Schoppert concluded.
About Amy Schioldager
Amy has over 25 years of experience in various leadership positions at BlackRock, Inc., where she led investment teams across global equity markets and client segments. Most recently, Amy served as Senior Managing Director and Global Head of Beta Strategies. In this role, she oversaw
About Evan Levitt
Evan brings over 30 years of experience in finance and accounting and has served in numerous leadership positions across industries. Most recently, Evan was Interim Executive Vice President and Chief Financial Officer at BrandSafway, a leading construction company providing solutions to the industrial, commercial and infrastructure markets. Prior to that, he held various leadership roles at The Home Depot, Inc. / HD Supply Holdings over the course of 17 years, during which time he played a pivotal role in negotiating the sale of HD Supply to The Home Depot, Inc. His most recent role at the company was as Senior Vice President, Chief Financial Officer, Chief Administrative Officer of HD Supply Holdings Inc. He currently serves on the private company boards of Artera Services, where he is a member of the Audit Committee, and WASH, where he serves as the Chairman of the Audit and Risk Committee.
About The ODP Corporation
The ODP Corporation (NASDAQ:ODP) is a leading provider of products, services, and technology solutions through an integrated business-to-business (B2B) distribution platform and omni-channel presence, which includes supply chain and distribution operations, dedicated sales professionals, a B2B digital procurement solution, online presence, and a network of Office Depot and OfficeMax retail stores. Through its operating companies ODP Business Solutions, LLC; Office Depot, LLC; Veyer, LLC; and Varis, Inc, The ODP Corporation empowers every business, professional, and consumer to achieve more every day. For more information, visit theodpcorp.com.
ODP and ODP Business Solutions are trademarks of ODP Business Solutions, LLC. Office Depot is a trademark of The Office Club, LLC. OfficeMax is a trademark of OMX, Inc. Veyer is a trademark of Veyer, LLC. Varis is a trademark of Varis, Inc. Grand&Toy is a trademark of Grand & Toy, LLC in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240603737254/en/
Tim Perrott
Investor Relations
561-438-4629
Tim.Perrott@theodpcorp.com
Source: The ODP Corporation
FAQ
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