“The New ODP” was then-CEO Gerry Smith’s description of a 2023 strategy—not a statement from the company’s current leadership. ODP’s plan reorganized its operations into four business units to make better use of its retail, distribution, supply-chain and procurement assets. After Atlas Holdings acquired ODP in December 2025, the company became private, Smith departed and new CEO Craig Gunckel announced a refocus on two core businesses: Office Depot OfficeMax and ODP Business Solutions.
What did Gerry Smith mean by “the New ODP”?
Smith used the phrase in a May 11, 2023, interview with CRN. He said, “We are a new ODP, and we’re on a path to unlocking the full potential of our business and setting us apart from others in the industry.” The phrase referred to management’s effort to organize the company around four distinct businesses and use their combined capabilities to pursue growth.
ODP had reorganized into the four-unit structure in 2022, following years of cost restructuring and asset realignment. Smith told CRN that ODP had removed more than $500 million in selling, general and administrative (SG&A) costs over the preceding six years. That is his historical figure as reported in 2023; it is not a current cost estimate.
What were ODP’s four business units?
| Business unit | Role in the 2022–2023 structure |
|---|---|
| ODP Business Solutions | B2B distribution for customers ranging from small businesses to enterprises, covering office and adjacent categories and services. |
| Office Depot | The consumer and retail operation, which Smith described as an omnichannel business with a profitable retail footprint and an ecommerce platform. |
| Veyer | Supply-chain services, sourcing, distribution and logistics, including opportunities to serve third-party customers. |
| Varis | A digitally native B2B procurement platform for buying organizations and suppliers. |
The intended logic was to give each operation clearer visibility and its own growth path, while drawing on capabilities shared across the company. In a November 2, 2022, investor release, ODP described the realigned framework as a way to build on operating results and free cash flow. Those were management’s rationale and characterization, not independent evidence that the structure delivered its intended results.
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What did ODP report at the time—and what was only a target?
Results reported for the first quarter of fiscal 2023 offered a mixed picture. The quarter ended April 1, 2023; CRN reported that total revenue was $2.11 billion, down 3% year over year. ODP Business Solutions’ external sales increased to $1.01 billion from $978 million, while Office Depot’s revenue fell to $1.09 billion from $1.19 billion. The report also described weaker retail activity after 73 store closures over the prior year. These figures describe that quarter, not ODP’s present-day performance.
ODP’s 2022 release also set out financial ambitions for 2025. Each was a forward-looking management target, not a reported result. The release warned that actual outcomes could differ materially and identified risks such as competition, declining demand for general office products, execution challenges, macroeconomic changes and supply disruptions.
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| 2025 item announced in 2022 | What ODP stated | How to interpret it |
|---|---|---|
| Revenue | $8.5–$8.7 billion | Management forecast; the cited release does not establish whether it was achieved. |
| Adjusted EBITDA margin | Above 6% | Management forecast using a non-GAAP measure; achievement is not established by the cited release. |
| Adjusted EPS | $7–$8 | Management forecast using a non-GAAP measure; achievement is not established by the cited release. |
| Share repurchases | $1 billion authorization through 2025 | A stated authorization, not proof that the full amount was repurchased or a current commitment. |
Later reporting showed that adjacent growth opportunities remained part of the discussion. In its account of ODP’s fiscal 2024 third-quarter context, CRN reported that Smith described an unnamed reseller partnership as potentially representing up to $1.5 billion in business over ten years. ODP was also pursuing adjacent categories, including hospitality. The report does not identify the partner or establish that the potential business became realized revenue.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Who leads ODP now, and what changed after the Atlas acquisition?
ODP said Atlas Holdings completed its acquisition on December 10, 2025, in an official announcement. The company described the all-cash transaction value as approximately $1 billion and said it had more than 16,000 coworkers at closing. ODP became privately held, Smith departed and Craig Gunckel became CEO.
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Gunckel described the next phase as a refocus on two core businesses: Office Depot OfficeMax and ODP Business Solutions. That is a notable shift from the four-unit design announced in 2022–2023.
| Period | Structure or direction | What the evidence establishes |
|---|---|---|
| 2022–2023 | Four units: ODP Business Solutions, Office Depot, Veyer and Varis. | ODP announced the structure and management’s strategic rationale. |
| December 2025 | Atlas completed its acquisition; Gunckel became CEO; the company said it would refocus on Office Depot OfficeMax and ODP Business Solutions. | The acquisition, leadership change and stated refocus were announced by the company. |
The cited sources establish the change in ownership and stated direction, but do not establish ODP’s post-acquisition financial results or how far the new leadership has carried out the refocus through October 2026. The 2025 targets and share-repurchase authorization belong to the earlier public-company plan; they should not be read as current guidance or commitments from the private company.
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