Atlas Holdings has named one of its trusted execs as the new CEO of The ODP Corporation (ODP).
On the day its acquisition of ODP closed, Atlas confirmed that Craig Gunckel had been appointed to lead the business products reseller. Gunckel’s association with the private equity firm dates back to 2017 when he was named CEO of Iconex, the former NCR labels and receipts business acquired by Atlas the year before.
The turnaround and subsequent exit of Iconex in two separate transactions in 2024—including the sale of the receipts business to Domtar—was described by Atlas Partner Michael Sher as “a great example of the Atlas playbook at work” and earned the firm a Deal of the Year award from specialist publication PE Hub.
Now Gunckel—who previously spent around 20 years at paper and packaging group WestRock—has been selected to lead ODP. He succeeds Gerry Smith who, Atlas confirmed, “has departed the company in conjunction with completion of the transaction”. No details of any other senior leadership changes were announced.
“Today marks the start of an exciting new chapter for ODP as a private and infinitely more agile business,” stated Gunckel.
“As my new co-workers and I begin this next phase together, we are refocusing on our two core businesses, Office Depot OfficeMax and ODP Business Solutions. With a refreshed strategy, commitment to our customers and Atlas behind us as our long-term partner, we’ll bring renewed focus and discipline to how we operate, support our people and drive sustainable, profitable growth on both sides of the business.”
Sher added that Atlas sees “tremendous opportunity ahead” in both the retail and distribution segments. He said the move to a private company heralded “a new era with the autonomy to execute a strategy that will enable each [segment] to win in their respective markets”.
With the reference to “two core businesses”, it would appear that ODP’s third-party distribution subsidiary Veyer—one of Smith’s strategies for unlocking value in the group’s assets – is not part of Atlas’ plans, although this has not been confirmed.
This story was originally published as premium content by our sister publication OPI.
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