NAPERVILLE, Ill. & BOCA RATON, Fla. — OfficeMax and Office Depot have announced the committee members tasked with overseeing the process to select a CEO for the combined company and selection of the executives who will help to manage the integration planning process.
Office Depot board member Nigel Travis, CEO of Dunkin Donuts, and OfficeMax board member Jim Marino, former president and CEO of Alberto Culver Company, will co-chair the selection committee. The other members are Office Depot directors Tom Colligan and Marty Evans; Rakesh Gangwal, non-executive chairman of the board of OfficeMax; and OfficeMax director Francesca Ruiz de Luzuriaga.
The committee will oversee a comprehensive search process that will consider both incumbent CEOs - Neil Austrian, chairman and CEO of Office Depot and Ravi Saligram, president and CEO of OfficeMax - as well as external candidates. The committee will proceed with the objective of selecting the CEO for the combined company at or prior to the closing of the transaction.
In addition, Office Depot and OfficeMax also announced the selection of key executives from both companies who will oversee the integration planning process for the combined company.
Messrs. Saligram and Austrian will provide overall sponsorship and stewardship of the integration planning process. Together, they have appointed OfficeMax EVP, CFO and chief administrative officer Bruce Besanko and Office Depot EVP and CFO Mike Newman to co-chair the integration planning process, with the shared objective of mutually developing an integration plan designed to ensure a smooth and productive transition and capture the projected $400 to $600 million in annual cost synergies by the third year following the transaction's close.
"Today's announcements mark a key milestone in our vision to help shareholders and customers of both companies realize the tremendous value inherent in our proposed combination," said Austrian. "By bringing together several of our top executives and board members to focus on the process of integrating our two great companies, we will build on our culture of collaboration as we move closer to successfully closing the transaction and better competing in this large and rapidly changing industry."