OFFICE DEPOT DISSIDENTS END PROXY BATTLE

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OFFICE DEPOT DISSIDENTS END PROXY BATTLE

 user 2008-04-22 at 12:39:49 pm Views: 64
  • #19559
    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.