Office Depot Faces Down Dissidents
Delray Beach, Fla. Office Depot, Inc. advised stockholders on Tuesday to reject an attempt by Levitt Corp., a Florida-based real estate development company, and Woodbridge Equity Fund LLP, its wholly owned subsidiary, to nominate two dissident directors to the Office Depot board at this year’s annual meeting of stockholders.
The meeting is currently scheduled for April 23, 2008.
According to Office Depot, The Woodbridge Group is attempting, through the nomination of its two dissident directors, to remove Office Depot current chairman and CEO Steve Odland and former chairman and CEO David I. Fuente from the board.
In the midst of implementing a turnaround plan, the company said that it believes the removal of Odland and Fuente could destabilize Office Depot and compromise a successful turnaround.
Office Depot is urging its stockholders to sign and return the Office Depot proxy card solicited by Office Depot’s board of directors, and disregard any proxy cards they may receive from the Woodbridge Group.