Nomura Securities Reiterates a 'Reduce' on Office Depot (ODP); New CEO

Nomura Securities reiterates a 'Reduce' on Office Depot (NYSE: ODP).

Nomura analyst, Aram Rubinson, said, "After the close, Office Depot appointed its interim CEO (Neil Austrian) to be its permanent CEO. Mr Austrian is a well respected executive, nonetheless, his appointment is likely to spur as many questions as it will answers. As an insider he knows the inner workings of the company, the advantage of which he can ramp quickly; however, an external hire may have created the greatest potential for change which is needed in the fight for long-term relevance."

For more ratings news on Office Depot click here and for the rating history of Office Depot click here.

Shares of Office Depot closed at $4.02 yesterday.

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