Former Office Depot CEO’s final pay package includes $13 million in stock awards

Office Depot CEO Roland Smith

When federal regulators nixed a merger with Staples, Office Depot Chief Executive Roland Smith missed out on a $46.8 million payday. Now that Smith has stepped down from the Boca Raton-based retailer, he’s getting a smaller but still substantial paycheck, according to a report the company filed with regulators Wednesday.

The most significant sum comes in the form of stock vesting. Smith took ownership of nearly 3 million shares worth $13.11 millon, Office Depot said. That includes 1.8 million shares for hitting performance targets over the past three years, plus 1.2 million shares he receives for stepping down from the company.

For his work in 2016, Smith also collected a cash bonus of $2.2 million, a salary of $1.4 million, stock awards that could be worth $7.8 million and “other compensation” of $322,113, mostly in the form of personal use of the company plane.

The Fortune 500 retailer named Smith CEO in November 2013. By my calculations, he collected $29 million in realized compensation, including the $13 million in stock vested but excluding the estimated value of option grants and stock grants during his tenure.

Smith stepped down in February 2017. His successor, Gerry Smith, gets a salary of $1.1 million and a sign-on bonus of $1.2 million.

RELATED COVERAGE

Soft lighting, sleek signs: Office Depot tests “store of the future”

How is Office Depot like the Miami Dolphins? Both are always rebuilding

Office Depot built by one innovation, brought down by another

Reader Comments 0

0 comments