No. of Recommendations: 2
Does wonders for the short term stock price and value of stock options in the CEO’s compensation package.
At the start of the 90s, Office Depot's two honchos were Dave Fuente and Mark Begelman. Fuente had founded OD, while Begleman had founded "Office Club" on the west coast. The two chains were merged, but the former Office Club stores on the west cost retain the blue signage and letter font that Office Club had used.
Begleman left OD around 96, just as my store manager was saying OD can build stores to infinity. Begleman went on to buy a chain of music stores, Mars Music. The Wiki entry says Mars overexpanded, went bust, and liquidated in 2002.
Somewhere in 97 or 98, Fuente tried to merge OD with Staples. I think I may still have the issue of "Ink" the OD internal magazine, around somewhere, that touted the merger proposal. I said "the #1 and #2 office supply chains merging? FTC will never allow it". The FTC did indeed block the merger. Fuente retired as CEO of OD in 2000, at age 55. Ever since 2000, OD has been described as "troubled".
the CEO has long since cashed in his stock options and retired to South Florida.
The Wiki entry says Begleman had Mars Music's HQ in Fort Lauderdale. When I worked for OD, the HQ was in Delray Beach, Florida.
And from his safe perch in the shadow of Mara Lago,
As luck would have it, I went to a lecture at the Dearborn Historical Museum, last evening, about the various major food companies that started in Michigan. Post cereal was founded by C W Post. When he passed, management of the company passed to his daughter Marjorie Merriweather Post, who went on to build General Foods, as well as banking a fortune off of Post. She had her personal mansion built in the mid 20s, in Palm Beach....Mar-a-Lago.
Steve
