Group 1 - Craig Gunckel has been appointed as the new CEO of The ODP Corporation following the completion of its acquisition by Atlas Holdings, which is valued at approximately $1 billion [1][2] - The acquisition has received all necessary regulatory approvals and ODP is now a private and independently operated company, leading to its stock being delisted from the Nasdaq [2] - Gunckel brings nearly 30 years of leadership experience in the paper and packaging industries, having previously served as CEO of Iconex, a company owned by Atlas [3] Group 2 - The ODP Corporation is undergoing a slow turnaround, shifting focus from retail to business-to-business operations, although recent performance has shown only modest improvement in the B2B segment while retail has continued to decline [4] - Analysts from UBS noted that significant progress in ODP's turnaround will take time, indicating a cautious outlook on the company's recovery [5] - Under new ownership, ODP aims to enhance agility and focus on its core businesses, Office Depot OfficeMax and ODP Business Solutions, with a commitment to sustainable and profitable growth [6]

Core Insights - Atlas Holdings has completed the acquisition of The ODP Corporation in an all-cash transaction valued at approximately $1 billion [1] - Craig Gunckel has been appointed as the new CEO of ODP, bringing nearly three decades of leadership experience in the paper and packaging industry [2] - The ODP Corporation is now a private and independently operated company, with its common stock ceasing to trade on the NASDAQ [4] Company Overview - The ODP Corporation is a leading provider of products, services, and technology solutions through an integrated B2B distribution platform and omnichannel presence, including Office Depot and OfficeMax retail stores [6] - Atlas Holdings operates 30 companies employing over 75,000 associates across 1,200 facilities worldwide, generating more than $26 billion in annual revenues [7] Leadership and Strategy - Gunckel aims to refocus ODP on its core businesses, Office Depot OfficeMax and ODP Business Solutions, with a commitment to sustainable, profitable growth [4] - Michael Sher, Managing Partner at Atlas Holdings, expressed confidence in ODP's potential as a private company to execute strategies that will enhance its market position [4]

Core Insights - The ODP Corporation is planning to go private through a buyout by Atlas Holdings, with a purchase price of $28 per share, representing a 34% premium over the closing share price [2][6]. Company Overview - ODP's CEO Gerry Smith stated that the transaction is fully supported by the Board and will enhance the company's growth position [3]. - The company had previously explored sale options but decided to remain as-is due to macroeconomic conditions [3][4]. Financial Performance - In the second quarter of 2022, ODP reported total sales of $1.6 billion, a decrease of 7.6% year over year, attributed to lower sales in the Office Depot Division and a reduction of 60 retail stores [5].