In an open letter, OfficeMax’s largest shareholder, Boston-based K Capital, has expressed dissatisfaction at the company’s recent performance and the actions of its board.
In the letter, addressed to board members at ‘Max, K Capital demanded a detailed turnaround plan and stipulated a number of actions that it believes are necessary
to be taken to reverse what it sees as being the company’s "unacceptable" state of affairs.
K Capital called on the board to take immediate steps to improve the company’s "dismal" financial and operating performance.
"Even with a new CEO, there is little indication that things have changed," said managing director of K Capital, Brian Steck, in the letter. "The company continues to underperform, shareholders’ questions remain unanswered, and corporate governance decisions continue to foster entrenchment rather than accountability."
OfficeMax declined to comment on the issue.