Office Depot Inc. said that its chief executives and OfficeMax Inc.'s would be named co-chief executives after it completes its acquisition of the latter.

The two office supply retailers have recently announced an agreement wherein Office Depot will acquire smaller OfficeMax for $976 million in stock-to-stock deal.  They are also set to create a selection committee that would consist of independent directors to determine the candidates for successor chief executive for the combined company.

According to Office Depot, the merged firm will have two headquarters, one in Naperville, Illinois and one in Boca Raton, Florida. Both retailers will still operate under their existing brands until the board approves a new name for the combined firm.

Under the deal, either of the company agreed to pay a termination fee of $30 million in case of merger termination.