Office Depot Today

Office Depot provides more office products and services to more customers in more countries than any other company.

Incorporated in 1986 and headquartered in Delray Beach, Fla., Office Depot has annual sales of over $15 billion, and employs approximately 52,000 associates around the world. Currently, the Company sells to customers directly or through affiliates in 42 countries.

Office Depot is a leader in every distribution channel -- from retail stores and contract delivery to catalogs and e-commerce. The Company has approximately 1,200 retail stores in North America and 350 stores, either company-owned, licensed or franchised, in other parts of the world. Office Depot serves a wide range of customers through a dedicated sales force, telephone account managers, direct mail offerings, and multiple web sites. With $4.3 billion in online sales, the Company is also one of the world's largest e-commerce retailers.

Dramatic Growth Over 20 Years

While Office Depot is clearly a powerful organization today, the Company's beginnings were quite modest. Office Depot was founded in 1986 and opened its first store in Fort Lauderdale, Florida. In late 1987, David I. Fuente assumed the post of Chairman and Chief Executive Officer of the fledging company, and took Office Depot public in 1988. The Executive Team immediately began to execute an ambitious plan to expand the Company's footprint in key U.S. markets. The results were dramatic: By the end of 1990 Office Depot had 173 stores in 27 states. That same year, Office Depot announced its merger with The Office Club, Inc., becoming the largest office products retailer in North America.

Domestic growth, however, was only one aspect of Office Depot's expansion in the Company's early years; the management team had its sights set on penetrating international markets as well. Early 1992 marked the Company's acquisition of H.Q. Office International, Inc., which included the Great Canadian Office Supplies Warehouse chain in western Canada. Growing steadily, the Company also subsequently opened new retail stores in Israel and Colombia under international licensing agreements.

As Office Depot expanded geographically, the Company also began to extend beyond its traditional markets. In 1993, Office Depot entered the rapidly consolidating contract stationer business by acquiring two market leaders: Wilson Stationary & Printing Company and Eastman Office Products Corporation. The merger of six additional contract stationers followed these purchases during 1994. These moves positioned Office Depot to take advantage of industry trends that would come to play a central role in the Company's success.

In the meantime, Office Depot continued its steady international growth. Between 1995 and 1998, the Company opened stores in Poland, Hungary and Thailand under international licensing agreements and in Mexico, France and Japan under joint venture agreements. Later, the Company acquired the interests of its joint venture partners in both France and Japan.

In 1998, Office Depot merged with Viking Office Products, a public company and the world's leading direct mail marketer of office products. The addition of Viking to the Office Depot organization not only vastly expanded Office Depot's international presence, but also made the Company the leading provider of office products and services in the world.

That same year, Office Depot began to leverage the Internet aggressively, launching the first of a number of new Web sites, www.officedepot.com. The award-winning site established Office Depot as the industry's technology leader, expanded its domestic e-commerce capabilities, and ultimately extended the range of products and services the Company could offer its customers. The following year, the Company launched its first European e-commerce site, www.viking-direct.co.uk, in the U.K. By 2005, the Company had over 30 international Web sites. Worldwide e-commerce sales in 2004 totaled $3.1 billion.

As Office Depot grew larger and more complex, its management leadership needs changed. In 2000, David Fuente stepped aside, and Bruce Nelson was appointed Chief Executive Officer. The executive team's charge was challenging: To guide Office Depot at an exciting and defining time in the Company's evolution. The Company immediately undertook several new management initiatives geared to make Office Depot a more compelling place to work, shop and invest. With a careful focus on invigorating the Company's U.S. retail operations, expanding its international business, growing its best-in-class e-commerce business, and building a world-class warehouse and distribution network, the executive team gradually took Office Depot to the next level.

New Leadership Opens Exciting New Chapter in Company History

In 2004, Neil R. Austrian assumed the role of Interim Chairman and CEO. During that period, the Company restated its commitment to continue Office Depot's strategic direction to grow the business and improve financial performance. The Company proceeded to benefit from two consecutive positive quarters.

In early 2005 Office Depot launched a strategic marketing campaign which consisted of new advertising, brand positioning and the reintroduction of the Company's famous Taking Care of Business tagline. Office Depot next announced its multi-year agreement with NASCAR to become the sport's first-ever Official Office Products Partner, and the Company's sponsorship of Roush Racing's No. 99 Office Depot Ford Taurus driven by Carl Edwards in the 2005 NASCAR NEXTEL Cup race season.

Steve Odland was then named Chairman and CEO of Office Depot in March of 2005. Odland's significant retail experience and strong track record of improving operating performance were sited as defining reasons in his hiring. The executive team is now focused on driving profitable growth by exceeding the expectations of its customers, and building shareholder value by making Office Depot an industry leader in efficiency and productivity.