Woodbridge pushes for ODP nominees

FORT LAUDERDALE, Fla. Office Depot investor Woodbridge Equity is continuing to push fellow shareholders to vote for its proposed nominees to the board of directors. In a letter to investors, Woodbridge asked them to elect Mark Begelman and Martin Hanaka to Office Depot's board of directors.

In the letter, Woodbridge described its concerns over Steve Odland, including his overall performance, excessive compensation and other corporate governance issues.

"Steve Odland is being paid an exorbitant amount despite his failure to perform and the fact that serious governance questions have arisen under his leadership," said Alan Levan, president of Woodbridge Capital, the General Partner of Woodbridge Equity Fund LLLP. "As Office Depot's stock price and market share steadily declines and SEC investigations are launched, Odland's compensation has soared. We believe that this is unacceptable and that our highly-qualified nominees are the right people to ensure that shareholders don't continue to see their hard-earned investments decline in value while senior management profits."