Value CEO resigns from Office Depot board, cites progress

Boca Raton, Fla. - Jeffrey Smith, CEO of investment firm Starboard Value LLP, has resigned from Office Depot’s board of directors, effective immediately. The nominating and governance committee will commence a search for a replacement.



Smith, who joined the board in August 2013 to help Office Depot smoothly transition to a new combined company with OfficeMax and find a new CEO, said he is leaving because he is satisfied that Office Depot has reached both goals.



“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.”