MEMPHIS, TN — AutoZone today announced that Steve Odland, previously chairman, president and CEO, has resigned and accepted the positions of chairman and CEO of Office Depot.
J.R. Hyde, III, founder of AutoZone, has been appointed non-executive chairman of the board of directors on an interim basis. He has been a member of AutoZone’s board of directors since its inception. “I look forward to serving as chairman in this time of transition. AutoZone continues to set the pace in an exciting and growing industry. We will continue to focus on profitably growing sales. We have a solid plan for the future and a strong team to execute it as we optimize long-term shareholder value.”
Commenting on Odland’s departure, Hyde said, “During his tenure at AutoZone, Steve developed a great management team that has generated record sales, record earnings and record earnings per share. We are all very appreciative of his efforts and his leadership,” said Hyde.
William Rhodes, III, has been promoted to president and CEO. Previously Rhodes, was executive vice president, store operations and commercial.
“Bill Rhodes has been an integral part of our company’s success for many years now, and I, along with the rest of our board, believe he is an excellent choice to lead the organization’s initiatives into the future.”
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