Business

Office suppliers name CEO search firm

Posted June 11, 2013 11:06 am

Associated Press

OfficeMax Inc. and Naperville-based Office Depot Inc. said Tuesday that they have hired Korn/Ferry International in their CEO search related to the pending $1.2 billion combination of the two office supply chains.

The two companies said in February they planned to combine. They have still not decided upon a CEO, a name or a headquarters for the new company.

The company has said it will consider Office Depot CEO Neil Austrian and OfficeMax CEO Ravi Saligram as well as external candidates for the top job.

Both CEOs will remain in their current position through the search process, which is expected to be done by the time the deal closes.

Office Depot and OfficeMax, in Boca Raton, Fla., are awaiting approval by the Federal Trade Commission for the deal. In April, the companies said they received a second request for information from the FTC but said they still expect to get the deal approved late this year.

Office Depot shares closed at $4.28 on Monday while Office Max shares finished at $11.23.

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