Office Depot Hires AutoZone Exec as CEO

Office Depot Inc., the nation’s second-largest office supply retailer, hired an auto parts executive as its chairman and chief executive, hoping to keep the momentum gained since his predecessor’s departure.

Steve Odland, who had been the CEO and chairman of AutoZone Inc. since January 2001, replaces Bruce Nelson, who was pressured to resign in October.

Office Depot shares rose $1.56 to $20.75, while AutoZone shares fell $12.55 to $85.75. Both are traded on the New York Stock Exchange.

* OfficeMax Inc., the third-largest office supplies retailer, said fourth-quarter profit plunged 90% after the company wrote down assets, paid debt and slashed prices. Net income fell to $695,000 from $6.87 million, or 5 cents a share, a year earlier, the Itasca, Ill.-based company said. OfficeMax had a per-share loss of 2 cents in the quarter after paying dividends. Sales rose 14% to $2.69 billion.