Office Depot announces CVS exec as president, North America

Mark Cosby, former president of pharmacy at CVS (NYSE:CVS), has been named president, North America, of Office Depot (NYSE:ODP).

In his new position, Cosby will be a member of Office Depot's executive committee and leadership team while he reports directly to Roland Smith, chairman and CEO.

Cosby has an extensive resume in the retail industry, with 30 years of experience at a number of leading retail chains such as Macy's, where he filled numerous executive roles; Sears, where he was president of full-line stores; and Yum Brands, where he acted as COO and chief development officer.

Retail revenue at CVS grew 10 percent while Cosby was there, and retail profits increased by 27 percent as share price more than doubled, according to an Office Depot statement.

"I am very pleased to welcome Mark Cosby to our team," Smith said. "Mark brings three decades of significant leadership experience at large and complex retail operations, including serving as president of three leading retail chains. I believe Mark's leadership style, skills and experience will enable him to quickly make a positive impact on our business." Press Release