Why Shares of Office Depot Are Down Today
Shares of Office Depot (NASDAQ: ODP) fell more than 13% on Friday morning before recovering somewhat on news that its chief financial officer was leaving to assume a similar position at another company. The move is to a larger company and provides no reason to believe there is trouble at Office Depot, but the market hates uncertainty and investors are seemingly taking profits after a strong run in recent months.
In a statement, Office Depot said that its executive vice president and CFO, Joseph T. Lower, would leave effective Jan. 10, 2020, to assume the role of CFO at AutoNation (NYSE: AN). A search is underway for his replacement, and CEO Gerry Smith said that the company has the infrastructure in place to handle the departure.
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Source Fool.com
