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Office Depot Dissidents End Proxy Battle
Dissident shareholders of Office Depot, who sought to oust the struggling chain’s chief executive, Steve Odland, have abruptly abandoned their proxy fight just a few days before the company’s annual meeting.The shareholders, Woodbridge Equity Fund and Levitt, said they had achieved their objective of providing a “strong wake-up call to Office Depot’s board and management.” The investors also called on Office Depot shareholders to withhold their votes for the company’ nominees, Mr. Odland and the firm’s former chairman, David Fuente.The decision to end the battle comes after several powerful proxy advisers recommended that shareholders not support Woodbridge’s board nominees.While the move could be regarded as loss for the dissident shareholders, The Miami Herald there noted that there are myriad problems facing Office Depot and said that the company’s chieftain is still in the line of fire.
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