OfficeMax 2011 Annual Report Download - page 2
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Dear Shareholders:
RAVI SALIGRAM
President and Chief Executive Offi cer
March 2012
• Technology & Document Solutions—Services
which are related to print and managing
technology assets as more business customers
seek cost-effective solutions rather than just
products.
• New Channels—Managing the offi ce supply
category for retailers in order to expand our
retail presence without investment in brick
and mortar.
• Mexico—Continue to open additional stores in
this growth market where we already have a
strong position.
We engaged our employees at every level of the
company to ensure ownership and alignment. As
the momentum builds, I see the excitement of our
team and feel their drive to make our plans come
to fruition.
2012 is the year of action, relentless focus, and
strong execution. Our leadership team is dedicated
to driving the business with the highest sense of
urgency to achieve consistent, predictable
results, and allow us to fulfi ll our core mission to
provide workplace innovation that enables
customers to work better. I am encouraged that
we are seeing some stabilization in the business
as we navigate this “Road to Success,” and
I believe that the journey will lead us to a strong,
diverse company that creates signifi cant long-term
shareholder value.
Sincerely,
2011 was a challenging year for Offi ceMax®
.
In addition to a tough economic and competitive
environment coupled with tepid customer
demand, we also faced issues inherent to Offi ceMax
which we have largely corrected. We developed a
long-term strategy, took signifi cant steps toward
rebuilding our talent and capabilities, and along
the way have repositioned the company for
improved performance in 2012 and beyond.
Specifi cally, we strengthened the management
team at various levels, continued to improve
processes and systems, and restructured parts
of our business to focus our resources and
streamline the cost structure.
We now have a robust, clear strategic direction
that has broad ownership and championship
throughout the company, which we call our
“Road to Success.” The two major prongs of our
strategy are, fi rst, to strengthen and increase
profi tability in our core businesses in existing
geographies; and second, to pilot and implement
a series of strategic and disruptive moves intended
to spur growth, address the strategic issues of
unproductive retail space and formats, customer
migration to online in certain categories, and margin
gaps versus the leading offi ce products player.
In addition to our strategic initiative to signifi cantly
enhance our Digital and multichannel capabilities,
we are also investing in fi ve key growth adjacencies
expected to help strengthen the core business:
• Jan/San—This area includes cleaning and
breakroom product essentials which are
conducive to employee wellness and safety.
• Small and Medium Business—We have created
a standalone sales unit to take advantage of this
underpenetrated, high-margin market.