(RTTNews) -  Office-supply retailer Office Depot Inc. (OD) will separate the positions of chief executive officer of the company and chairman of the board, according to a regulatory filing with the U.S. Securities and Exchange Commission.

The Boca Raton, Florida-based company said that its board of directors adopted revised corporate guidelines on October 21 that provide for the future separations of the positions of chief executive officer and chairman of the board, and allow an "independent" director of the board to serve as the chairperson.

The company added that the provision will not apply to the company's current CEO Steve Odland, whose employment agreement requires that he also serve as the chairman. Odland has been serving as chairman and CEO of Office Depot since March 11, 2005.

According to the revised corporate guidelines, the position of lead director will be discontinued upon the creation of the position of independent chairman. The chairman of the board will be elected annually at the time of election of corporate officers of the company.

The company noted that when electing an independent director chair of the board, nominations shall be made by the governance committee and the independent director receiving a majority of the votes cast by the other independent directors shall be elected to serve as chairperson of the board.
Office Depot is slated to announce its financial results for the third quarter on October 29, 2009. Analysts expect the company to report loss of $0.09 per share on revenues of $3.07 billion for the quarter. Analysts' estimates typically exclude special items.

In July, the company reported a wider net loss for the preceding second quarter, hurt by higher charges as well as double-digit sales fall in all regions.

Net loss attributable to Office Depot for the quarter was $82.07 million, compared to net loss of $2.00 million last year, while net loss available to common shareholders, adjusted for preferred stock dividends, was $82.56 million, in comparison to last year's loss of $2.00 million. On a per share basis, loss was $0.31 for the quarter, wider than prior year's loss of $0.01. Total sales for the quarter declined 22% to $2.82 billion from $3.61 billion a year earlier.

ODP closed Monday's regular trading session at $6.62, down $0.38 or 5.43% on a volume of 10.57 million shares.

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by RTT Staff Writer

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