Office Depot, Inc. ODP, a leading global provider of office
supplies and services, today announced that the Company and its
largest shareholder, Starboard Value LP (together with its affiliates,
"Starboard"), have reached a settlement agreement ahead of the Company's
upcoming Annual Meeting of Shareholders on August 21, 2013. As part of
the settlement agreement, Starboard nominees Cynthia Jamison, Jeffrey
Smith, and Joseph Vassalluzzo have agreed to join the Office Depot Board
and will be appointed to the Board upon the resignations of Directors
Marsha J. Evans and W. Scott Hedrick the day after the Company's annual
meeting.
Office Depot will expand the Board from ten to eleven directors to
accommodate the additional director.
See full press release
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