BOCA RATON, Fla. - The ODP Corporation (NASDAQ:ODP), known for its business services and digital workplace solutions, announced today the expansion of its Board of Directors with the addition of Amy Schioldager and Evan Levitt. Concurrently, Wendy Schoppert will step into the role of independent Board Chair, succeeding Joseph Vassalluzzo who is departing after an 11-year tenure.
Effective June 10, 2024, the appointments will increase the ODP Board from seven to eight members, with an average director tenure of around five years. Schoppert, who has been a board member since 2020, expressed enthusiasm for the new appointments, noting the valuable perspectives Schioldager and Levitt will bring to the company's diverse board.
Amy Schioldager's background includes over 25 years at BlackRock (NYSE:BLK), Inc., where she served as Senior Managing Director and Global Head of Beta Strategies, overseeing $2.5 trillion in assets. Her role on BlackRock's Global Executive Committee involved managing significant profit and loss and a large employee base. Schioldager also has governance experience through her current service on the boards of Intermediate Capital Group plc and Corebridge Financial Inc, among others.
Evan Levitt brings over three decades of finance and accounting experience. His most recent position was Interim Executive Vice President and Chief Financial Officer at BrandSafway. Levitt also held various roles at The Home Depot (NYSE:HD), Inc. / HD Supply Holdings (NASDAQ:HDS), including as Senior Vice President and Chief Financial Officer. He is currently a board member for Artera Services and WASH, where he also chairs the Audit and Risk Committee.
The ODP Corporation, with its omni-channel presence, caters to a broad customer base through its B2B distribution platform, offering products, services, and technology solutions. Its portfolio includes ODP Business Solutions, LLC; Office Depot (NASDAQ:ODP), LLC; Veyer, LLC; and Varis, Inc.
In her remarks, Schoppert praised Vassalluzzo for his significant contributions to ODP's development and wished him well for the future. The board changes reflect ODP's commitment to driving long-term growth and creating shareholder value.
This news is based on a press release statement from The ODP Corporation.
InvestingPro Insights
The ODP Corporation (NASDAQ:ODP) has been making headlines with its board expansion and strategic moves aimed at fostering growth. Investors closely monitoring ODP's performance will find the following metrics and InvestingPro Tips particularly enlightening:
As of the last twelve months as of Q1 2024, ODP's market capitalization stands at $1.4 billion, reflecting the company's substantial size within the office supplies sector. Despite a challenging environment, the company has maintained a Price/Earnings (P/E) ratio of 18.33, which adjusts to a more attractive 8.32 when considering the earnings of the last twelve months. This indicates that the company's earnings power is stronger than the current share price might suggest.
One key InvestingPro Tip to consider is that ODP's management has been aggressively buying back shares. This is often a signal that the company's leadership believes the stock is undervalued and represents a good investment. ODP has a high shareholder yield, which could be a draw for investors looking for returns in the form of buybacks and other shareholder-friendly actions.
Moreover, the company's stock price has been quite volatile, and it has been trading near its 52-week low. While this may raise caution, it could also present a buying opportunity for investors who believe in the company's fundamentals and long-term strategy. Analysts have also revised their earnings upwards for the upcoming period, suggesting that ODP's financial prospects may be improving.
For those seeking more in-depth analysis and additional tips, InvestingPro offers a broader range of insights. There are a total of 11 additional InvestingPro Tips available for ODP, which can be accessed by visiting https://www.investing.com/pro/ODP. To enhance your investment research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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