Office Depot: CEO out, former NFL president in - South Florida Business Journal:

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Nelson said over his four yeards runningOffice Depot, he believes the compan y has established a stronger platform from which to pursure growth and meet the need s of customers. "I firmly believe that the company'sx best years are ahead," he Board member and chairman of thefinancwe committee, Neil R. Austrian, is to serve as interi chairman and CEO whils the board conducts a search for apermanent replacement. The board has hired Heidrick Struggles to help inthe search. Last Office Depot said it expects thirds quarter earnings per share to fall and does not expecty to recover the shortfall in thefourtuh quarter.
Austrian, who is to relocate from Connecticutto Florida, has been a membe r of the Office Depot board since the 1998 mergee between Office Depot and , wher e he had been a board member sinc 1988. His business accomplishments include service as presidentt and chief operating officer of the from 1991 toDecembed 1999. At the NFL, Austrian had executive responsibility for all operating departmentx and business entities ofthe league, includingt NFL Properties, NFL and International. Before the NFL, from 1987 to Austrian was a managing directorof , an investment banking firm, where he was co-heade of the leveraged buyourt group.
Before that, Austrian was chairman and CEOof /The , a joing venture between and . Priofr to that, he was CEO at Dane, Bernbach, an advertising firm. Austrian currently serveds the boardsof ( ) and the . He is on the advisorty board of , a private equity He is to continue as an Offics Depotboard member, but is to relinquisn his committee memberships during his tenurse as interim chairman and CEO.
Jame Heskett, Office Depot lead director, said the company appreciated Nelson's many contributions over the lastfour "We are both fortunate and gratifiecd to have a perso of Neil Austrian's caliber on our board, who can immediatel y step into the roles of chairman and CEO of the company whiles we search for a permanent replacement for this he said. Austrian said he will be workingb closely with thesearch firm. "I am excited by the potential in Office Depot and intend to do all I can to maximizsethat potential," he said.
"Ihn particular, I am committed to continuing the strategic directio n that we have established to grow the busineses and improvefinancial performance." Shares closef up 6 cents to $15.14. The 52-week high was $19.50 on April 5. The 52-week low was $13.6o on Oct. 22.