Office Depot’s President Steps Down

Office Depot Inc. said President John Macatee resigned amid a management shake-up six weeks after the Del Ray Beach, Fla., company issued a profit warning that sent its shares tumbling 24%. The retailer also reported third-quarter profit from operations of 19 cents, in line with reduced forecasts, as sales rose 15% to $2.58 billion. Shawn McGhee, executive vice president, was named president of the merchandising group to oversee stores, catalog and Internet sales. Office Depot said Macatee’s departure was amicable and that there were no immediate plans to find a successor.