OFFICE DEPOT's INTERIM CEO PULLING DOWN $200,000 A MONTH

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OFFICE DEPOT's INTERIM CEO PULLING DOWN $200,000 A MONTH

 user 2010-11-17 at 7:53:13 am Views: 50
  • #24318

    http://www.palmbeachpost.com/money/office-depot-interim-ceo-pulling-down-200-000-1015315.html

    OFFICE DEPOT’s INTERIM CEO PULLING DOWN $200,000 A MONTH
    BOCA
    RATON — It can’t be easy stepping into the shoes of the chairman and
    chief executive officer of a Fortune 500 company.But this is the second
    time Neil Austrian, lead director at Office Depot Inc., has taken on the
    role in an interim basis at the Boca Raton-based company. And he’s
    being handsomely rewarded for doing it.Office Depot Inc. released
    details of Austrian’s compensation after market close Tuesday, saying
    the company has agreed to pay the interim chief a salary of $200,000 a
    month as well as 400,000 shares of non-qualified stock options at an
    exercise price of $4.43. The monthly salary translates to $2.4 million a
    year.

    Austrian’s salary began accruing Oct. 25, the day the firm
    announced that then-chairman and CEO Steve Odland would resign.Odland
    officially left on Monday in a decision that the company said was
    mutual. He, too, received a nice package for his troubles, including a
    cash severance of $5.2 million; payment of his $5 million retention
    award; and payment of the equivalent of two years of health and other
    benefits. Odland will also receive part of his 2010 bonus.Odland was
    paid nearly $5.5 million in 2009, according to a Palm Beach Post
    analysis of proxy statements and annual reports of Office Depot Inc. The
    amount comprises salary, bonus, option gains, stock vesting and other
    types of compensation.

    Austrian previously served as Office
    Depot’s chairman and CEO before the arrival of Odland, from Oct. 4, 2004
    to March 11, 2005. He stepped up at that time after the company ousted
    Bruce Nelson because of poor company earnings and a lack of
    accountability. Nelson had been CEO for a little more than four
    years.When Austrian last led the company, he was offered a monthly
    salary of $170,000, or $2.04 million a year, and $1 million worth of the
    company’s restricted stock, according to company filings.At least some
    investors at the time expressed concern that his salary was too
    high.Company spokesman Brian Levine declined to comment.

    http://www.palmbeachpost.com/money/office-depot-interim-ceo-pulling-down-200-000-1015315.html