Office Depot CEO will retire next year

Office Depot CEO Roland Smith will retire next year after a replacement is found.

The office supplies retailer also said Monday that it is reorganizing its executive committee to bring its retail store, e-commerce and marketing operations together. Troy Rice, who is currently executive vice president, was named to the newly-created position of chief operating officer.

Smith's retirement comes three months after rival Staples dropped its $6.3 billion buyout of Office Depot. The deal was blocked by a federal judge who ruled that the deal would throttle competition.

A replacement for Smith is expected to be announced at the end of the first quarter in 2017.

Office Depot Inc., of Boca Raton, Florida, has about 1,800 stores.