Office Depot to restate earnings going back to 3rd quarter 2006

Looks like it's about time for Office Depot's CEO to pack his bags. With a 52-week high of $42 and a current stock price around $17 and change, it obvsiously time for the little guy with the big ego to move on.

Poorly run company. Investors know that.

Otis rule of investing. Never buy stock of any company that pays to have their name on a stadium.

I think the company would do better getting rid af the CEO and promote someone from within. He's just a "cost cutter", not CEO material in my opinion. Staples numbers are better across the board- gross and net margins, ROI, AR and inventory turnover etc etc.

...but they're teaming up with Green Mountain and rolling out a coffee service for business accounts so that should bring the stock back up over the $50 mark.

Each CEO at Office Dpeot is worse than their predecessor. Odland has no clue how to run a Fortune 500 company. All he did was cut staff and get cheap. And his groupies are chasing away what talent is left. Office Depot is a shell of what it was.

He'll just be another joker CEO soon to be popping his golden parachute after running Office Depot into the ground. Kudos to you!

where is Dave Fuente when you need him?

Well its nice to know other people "see the light" on this one. I have been with OD for more than ten years and I can honestly tell you Odland is the worst CEO we have ever had. The short term gains realized after his cost cutting rampage are now seeing long term losses. Cutting payroll and staff will only boost the stock for so long and before the bottom falls out. Customers can't get help because there are not enough employees working in the stores so sales are down...what a surprise. Office Depot is a terribe place to work or shop. Its not the employees fault...its all Odlands. Investors stay away from this company...its going downhill with Odland at the helm.

local business person-

don't worry all the office depot execs are probably living in multi million dollar homes with company paid memberships to the boca resort...along with private jets, etc. so they've got to be looking out for the investors!
?

Your right on all points but one. OD is a great place to work. If you were there that long, you then would know how enjoyable it was on Halloween and any other event for us employees. We took pride in taking care of our customers and still do in spite of the current CEO's actions. We will Survive and Take Care of Business Again. NOW!!! Was that easy?

Od manager wrote:

Well its nice to know other people "see the light" on this one. I have been with OD for more than ten years and I can honestly tell you Odland is the worst CEO we have ever had. The short term gains realized after his cost cutting rampage are now seeing long term losses. Cutting payroll and staff will only boost the stock for so long and before the bottom falls out. Customers can't get help because there are not enough employees working in the stores so sales are down...what a surprise. Office Depot is a terribe place to work or shop. Its not the employees fault...its all Odlands. Investors stay away from this company...its going downhill with Odland at the helm.

I worked at corporate for almost 7 years. I loved it for 2 years, then bad management churned the place for the next 5 years, (but they sure can put on some spiffy powerpoint presentations and have lots of meetings). My last year there, we were re-orged 4 times - each time my boss had less knowledge of the company and my area of responsibility. I was sooooo happy to leave. I'm surprised they didn't have to restate back to 2005 when 'voluntary' severance packages drained alot of knowledge and talent from the company. I wish the worst for the executives, and the best for my friends still stuck working there. Great place to work, shop, and invest my @##.

You must be fairly new to OD. I remember OD would put together Xmas parties, give department bonuses and spend money on motivating employees. I dont know what happened on halloween but i know it probably wasnt OD sponsored.

whatever wrote:

Your right on all points but one. OD is a great place to work. If you were there that long, you then would know how enjoyable it was on Halloween and any other event for us employees. We took pride in taking care of our customers and still do in spite of the current CEO's actions. We will Survive and Take Care of Business Again. NOW!!! Was that easy?
<quoted text>

This company was the best several years ago, over the last 2 years it has completely lost its identity. I just left the company about 2 months ago and I do not regret the move at all. I didn't even have a job at the time, but I had to get away from that place. There was no appreciation for anyone, and the payroll cuts were another slap in the face. There is too much work to be done with little or no resources to do it. How many messages, topics, and emails can managers sort through and digest on a daily basis? Too many mixed and confusing directions for anyone to understand, let alone execute. So long to the company with no identity, no direction, and unhappy employees.

FYI. There are no Halloween celebrations at OD anymore. No enjoyment here now, no sense of being a team or a tight company. Most of the employees at below management level lost their options, bonuses, etc. Hard to even get a cost of living increase without a fight. It's not an enjoyable place to work at all. We're all overworked and underpaid. Everything is on the cheap except the VPs and CEO's pay.

If you are dumb enough to buy Office Depot stock at this point you need your head examined.

ex-OD employee wrote:

I remember OD would put together Xmas parties, give department bonuses and spend money on motivating employees. I dont know what happened on halloween but i know it probably wasnt OD sponsored.
<quoted text>

Those's were the good times back then especailly X-mas parties that was always fun to go to seeing everyone else from the different stores. And now from what I heared it sucks working there.

As an employee of Office Depot for 12 years and store manager for many of those years, I can honestly tell you it was probably no worse than any other retail job. Hey, it is "retail". I finally woke up and left the company and 20 years of retail and am now working for me. Freedom at last and making 50% more than my highest salary at OD where at times in my career with them I was working 80 hours a week to open stores in time for Grand Openings. Wake up my friends at Office Depot. Make the move from retail. Retail will always be retail...

File this under "You must be shi$#*@ me" ----

For OD employees in 2008, the company focus is ACCOUNTABILITY.
When will this apply to upper level management, including our CEO? Our company has been raped and pillaged by Steve Odland and we are indeed a shell of the great company we once were. We've already been held accountable for sagging sales by not receiving pay raises or bonuses for several years and yet my guess is that Odland received his bonuses despite the condition of the stock. The arrogance of our CEO (aka Hatchet Man) is unbelieveable and unforgiveable and yet last week we received an internal email from our corporate General Counsel supporting Odland to stay on as our CEO and not let the board vote him out. Are you kidding me? We can't wait for him to go!
Give him his golden parachute and wave goodbye before further damage is done.
Take better care of your employees, Office Depot AND get Odland out of there. Then and only then will you see this company start to turn around with employee & customer satisfaction and ROI.

After 7 yeras with Office Depot I had to sell some gold just to get my Meds.Then I had the electric Company out the door to shut of my power.That was the lowest I had to sell my gold wedding band.I have been a great employee I don't call off alot.Hell I shatered my wrest and only missed 3 days.Yet I have toped out.I was hired as a lead stocker.But they have done away with that postion,funny I still do the same think as I have alway done.this plase susks

Well, I do have to say I used to love the OD. But boy have times changed! This company is seriously going down hill and steve odland IS to blame for sure! the day he decided to do away with uniforms and real name badges,(and then bought a new company jet for himself)and cut payroll, I knew then it was going to get bad. I've been with OD for 5 years and wish to continue my journey with them, but am having a very hard time. I am a very hard worker and has worked in every department in the store! I've re-built & remodeled stores (including mine) I see some people don't get enough hours to even pay their bills, well i get anywhere from 20-30 hour OVERTIME (bi-weekly) and still cant get what needs to be done because my store mgr leaves by noon every damn day. I got one mgr that steals two laptops and falsely puts in his time......he still has a job. one mgr that is the most gossiping, shit-starting drama queen thats kisses ASS.......she still has a job. and the assistant mgr got fired from LOWES after 17yrs for stealing.......yep, he still has a job. and to top it all off.....these are things that have been admitted and documented!! oh i could go on and on and on!!!! But i love the OD!!!!!! LOL! Peace.