Published: Oct 25, 2010 7:03 PM EDT
Updated: Oct 25, 2010 4:01 PM EDT

BOCA RATON, Fla. (AP) - Office Depot Inc.'s Chairman and CEO Steve Odland is stepping down as the office supplier struggles to turn its business around in the face of tough competition.

The disclosure on Monday that Odland has resigned comes only days after the company, Odland and another executive agreed to pay civil penalties tied to Office Depot's disclosure of corporate information to a select group of investors and analysts.

Office Depot also announced that it expects to report a profit for its fiscal third quarter. Wall Street analysts had expected a small loss.