Office Depot Board Gets Vote of Confidence

Delray Beach, Fla. Office Depot announced that independent voting advisory service PROXY Governance recommended that Office Depot stockholders should reject the two directors nominated by Alan Levan and his company, Woodbridge.

Office Depot stockholders will vote on the nominees at the annual Office Depot meeting scheduled for April 23.  PROXY cited a number of reasons for rejecting the two nominees, including the “vagueness” of their proposed plan for change.

Additionally, PROXY noted that five of Office Depot’s 12 board members have extensive experience in office products vs. the two nominees, who PROXY suggested would have “to get up to speed on what levers for change are available.”