Office Depot names a new head of North American retail
July 22, 2014 04:58 PM
Office Depot Inc. has named a former CVS pharmacy executive as the office supply retailer’s new president of North America.
In his new role at Office Depot, No. 9 in the 2014 Internet Retailer Top 500, Mark Cosby will be in charge of the North American e-commerce operation in addition to stores, contract sales, merchandising, marketing, real estate and supply chain. He will report to CEO Roland Smith.
Prior to joining Office Depot, Cosby served as president of pharmacy of retail pharmacy chain and health care services provider CVS/Caremark (No. 103). At CVS, Cosby oversaw a $65 billion retail business, including 7,600 retail stores, 19 distribution centers, retail merchandising, supply chain, marketing, real estate and store pharmacy operations.
Cosby also has served as president of Macy’s Inc. (No. 8), president of stores at Sears, Roebuck & Company (now Sears Holdings Corp., No. 5) and chief operating officer and chief development officer at Yum Brands Inc.
As the president of Office Depot North America, Cosby will receive a compensation package that includes an $850,000 annual salary, a one-time signing bonus of $500,000, a $1,200 monthly vehicle stipend, stock and other performance-based bonus compensation, according an Office Depot regulatory filing with the U.S. Securities and Exchange Commission.
Office Depot completed its merger with OfficeMax Inc. in December.