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Starboard Value CEO Jeffrey Smith resigns from Office Depot board


Starboard Value CEO and chief investment officer Jeffrey Smith has resigned from the Office Depot board, effective immediately. The company’s nominating and governance committee plans to start a search for a replacement.

“I joined the Office Depot board of directors in August 2013 to help the company hire a new CEO and to aid in the smooth transition and integration of the merger with OfficeMax, and I’m exceedingly pleased with our accomplishments and the strong foundation for continued success,” said Smith. “We are fortunate to have selected and recruited a world-class leader in Roland Smith as CEO who, in turn, has quickly assembled an outstanding management team. The team has made excellent progress capturing synergies and efficiencies, as well as developing strategies for future growth. I am confident in management’s and the board’s capabilities and because of this confidence, I have the ability to leave the company in capable hands while I spend my time on other projects. I intend to remain an Office Depot shareholder for the foreseeable future and expect the company will continue to build on its positive momentum.”

“On behalf of our management and Board of Directors, I want to thank Jeff for his significant contributions to Office Depot and its shareholders,” said Roland Smith, chairman and CEO of Office Depot. “Jeff has been an integral part of our accomplishments and provided important perspectives that helped to define strategies that position the company for long-term growth and profitability. I have appreciated our time working together and wish Jeff well in his existing and future projects.”

“The board of directors sincerely appreciates the constructive perspectives Jeff has brought to our group,” added Nigel Travis, lead director. “He has been a valuable contributor to the board and provided a focus on the long-term best interests of the company and its shareholders. We thank him for his service and wish him continued success.”

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