Office Depot Announces Departure of Chairman and CEO

Office Depot, Inc. ODP announced earlier today that Steve Odland, Chairman and Chief Executive Officer since 2005, has resigned from the Company effective November 1, 2010 by mutual agreement with the Board of Directors. Neil R. Austrian, Lead Director, will serve as Interim Chairman and Chief Executive, while the Board conducts a search for a permanent replacement. Heidrick & Struggles has been retained to assist in the search. Mr. Odland will act as a consultant to the Company through December 31, 2010 in order to enable a smooth transition.