Citi Reports Office Depot Appoints Neil Austrian As Chairman And CEO

According to Citi, Office Depot ODP announced AMC today that it was naming Neil Austrian, previously interim Chairman and CEO, as permanent Chairman and CEO. Citi said that it views today's announcement as a net positive. “1) We believe the market will positively view increased management visibility, 2) Mr. Austrian has significant experience in the Office Furnishings industry & specifically with ODP (less ramp up time) and 3) although still challenged under Mr. Austrian's tenure as interim CEO & Chairman the company's outlook has begun to improve. We believe that Mr. Austrian's tenure in the Office supply industry and previous experience with Office Depot will be an asset to the company and will avoid significant management missteps out of the starting block. As an offset, we believe there could be potential concern around the company's decision to choose an internal candidate, after what seemed to be a fairly extensive external search.” Campbell Soup Company closed yesterday at $4.02.