ODP to shareholders: Keep Odland on board

DELRAY BEACH, Fla. Office Depot today said that it is advising stockholders to reject the attempt by Levitt, a Florida-based real estate development company, and Woodbridge Equity Fund LLLP, its wholly owned subsidiary, to nominate two dissident directors to the Office Depot board at this year’s annual meeting of stockholders, currently scheduled for April 23.

Office Depot said that the removal of Steve Odland chairman and ceo of Office Depot, and former chairman and ceo, David Fuente, as the Woodbridge Group is attempting would be highly disruptive and damage prospects for a successful turnaround.

Accordingly, Office Depot urges its stockholders to sign and return only the White Office Depot proxy card solicited by Office Depot’s board of directors, and disregard any proxy cards they may receive from the Woodbridge Group.

On March 17, the Woodbridge Group announced its intentions to nominate Mark Begelman, the former president and coo of Office Depot, and Martin Hanaka, the former president and coo of Staples, for election to Office Depot's board of directors.

Alan Levan, the chairman of the board and ceo of Levitt and Woodbridge, said, "As Office Depot shareholders, we believe Office Depot needs new representation on its board to revitalize the company and store experience and return Office Depot to a high-performance organization again. Under the current board and management team, Office Depot has lost its vision, its competitive position in the office supply retailing space and its drive for leadership.