A wake-up call for Odland
01 May 2008
After seeing off an activist investor challenge, CEO Odland gets another chance... but is under pressure to deliver quickly. After a month of frenzied shareholder wooing and public accusations and counter-accusations, Office Depot's annual shareholder meeting on 23 April was something of an anticlimax following the eleventh hour withdrawal by activist investor Alan Levan of his two dissident nominees to the company's board. After Levan's 17 March announcement that his Woodbridge Group was nominating former Depot COO Mark Begelman and ex-Staples COO Marty Hanaka to replace current board members Steve Odland and David Fuente, Office Depot's PR machine swung into action to defend its current and former CEOs, bombarding shareholders with letters and, presumably, meeting with the company's main institutional shareholders....
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