{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6d9-b06e1e87f57d", "slug": "0d9a92f4ecfe", "title": "Office Depot, Inc. (ODP)", "subtitle": "Starboard Value · 2013-08", "author": "Starboard Value", "date": "2013-08-02 00:00:00", "pageCount": 63, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.2941177, "targetCompany": "Office Depot, Inc.", "targetTicker": "ODP", "document": { "id": "019dd923-622b-71dc-a6d9-b06e1e87f57d", "slug": "0d9a92f4ecfe", "title": "Office Depot, Inc. 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The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "35d0d1da-7964-417a-b603-c82c62574b44", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "f3c6b685-7521-441b-ba65-9580ed2cff1e", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. 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Who? Where? When? Scale?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Architect", "layer": "slide", "agents": [ "Architect" ], "matchId": "b96ab56d-5547-4bdb-a46e-42b3a01b4de9", "evidence": "The slide presents a problem statement with a clear description of the issue and its consequences.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:47:57.727386+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 49, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e64a2f8c-1875-463b-a9c4-d73eb8fc6bdc", "evidence": "The slide presents a comparison table of nominees vs incumbents.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:47:57.95328+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 54, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Waterfall / value bridge", "slug": "waterfall-bridge", "status": "active", "bestFor": null, "canonId": "019de52d-19c5-727e-8889-b0b361655fca", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "5fcdf2f9-c53d-4770-9941-f09d415417c7", "evidence": "The slide presents a waterfall chart showing the improvement in operating margins.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:47:58.057969+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 56, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "b5b8b9ba-55ef-4500-a7ce-8e19bb264248", "evidence": "Argues for board reconstitution to improve operating performance", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:15:25.274+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "management-change" }, { "matchId": "498a4ddc-8daa-4de2-832f-94b1b429a5cd", "evidence": "The slide presents a structured argument for board replacement based on performance and governance failures.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 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nominee.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:15:32.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "frameworkName": "authority-citation" }, { "matchId": "d1ba2a4a-b84e-4515-b90d-84f8d7d31766", "evidence": "The slide explicitly contrasts the qualifications of nominees against incumbents to drive a specific conclusion.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:15:33.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 54, "frameworkName": "contrast-principle" }, { "matchId": "14a04bd3-cbae-4b16-9e87-7593078ae145", "evidence": "The slide uses a bridge chart to decompose the EBIT growth from base to target.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:15:34.73+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 56, "frameworkName": "waterfall-bridge" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Mid-campaign proxy-fight deck filed alongside a separate 100+ page 'Transforming Office Depot' white paper. Strong rhetorical patterns worth cataloguing: (1) annotated 6-year stock chart with board-event call-outs (p.10); (2) repeated 'Shareholder Concern → FAILED' stamp motif (pp.40-41) used to indict governance; (3) verbatim 'Hall of Fame guy' Austrian quote weaponized to contrast against his own subsequent hiring (p.28); (4) EBIT waterfall building 0.9% → 7.3% margins (p.56). Deck does not attempt sum-of-parts; argument is a peer-gap operational turnaround layered on top of a contested merger. Stake of 14.6% explicitly disclosed on p.3. Outcome (filled later): proxy fight ultimately settled, Starboard secured board seats; Smith joined the post-merger Office Depot board.", "kpisCited": [ { "detail": "0.9% vs Staples 6.3% and OfficeMax 2.0% — worst in OSS peer set", "metric": "2012 operating margin" }, { "detail": "Declined 87% vs S&P 500 +5% over same period", "metric": "Stock performance (5 years pre-13D)" }, { "detail": "$15,528M → $10,696M, a 31% / $4.8B decline", "metric": "Revenue 2007 → 2012" }, { "detail": "5.3% → 3.1%; absolute EBITDA fell 60% from $832M to $333M", "metric": "Adjusted EBITDA margin 2007 → 2012" }, { "detail": "Rose 4% to $673M despite $4.8B revenue decline; G&A as % revenue jumped from 4.2% to 6.3%", "metric": "G&A expense 2007 → 2012" }, { "detail": "$254 (2007) → $175 (2012), a $79 decline", "metric": "North American retail sales per square foot" }, { "detail": "-5% in both 2007 and 2012; H1 2013 still -4% to -5%", "metric": "North American retail comp sales" }, { "detail": "Lift from 0.9% to 7.3% (risk-adjusted EBIT $776M) via Starboard's plan", "metric": "Targeted operating margin" }, { "detail": "$500-$700M in first two years (Starboard) vs $400-$600M over three years (management guidance)", "metric": "OfficeMax merger synergies" }, { "detail": "14.6% — largest shareholder of Office Depot", "metric": "Starboard ownership stake" }, { "detail": "Only 213,000 shares purchased outright over 10 years — 0.07% of shares outstanding", "metric": "Incumbent board ownership" }, { "detail": "F in 2010 and 2011; D in 2009; ISS scored board structure 0.1 / 100", "metric": "Glass Lewis pay-for-performance grade" } ], "closingAsk": "Vote for Starboard's four independent nominees — Cynthia Jamison, Robert Nardelli, Jeffrey Smith, and Joseph Vassalluzzo — at the 2013 Annual Meeting to reconstitute Office Depot's board and oversee a turnaround whether the OfficeMax merger closes or not.", "extraction": { "at": "2026-04-22 15:10:26+00", "model": "unknown-legacy", "runId": null, "seconds": 223.14615, "promptVersion": null }, "scqaReward": "Starboard's plan lifts operating margins from 0.9% to a risk-adjusted 7.3%, delivering $776M of EBIT, plus $500-$700M of first-two-year OfficeMax synergies — materially above the company's $400-$600M three-year guidance, with further upside from store closures.", "thesisTypes": [ "governance_board", "management_change", "operational_turnaround" ], "top3Reasons": [ "Office Depot stock fell 87% in the 5 years before Starboard's 13D; 2012 operating margin collapsed to 0.9% — worst among office-supply peers", "A self-interested, long-tenured board hired non-retail CEO Neil Austrian after a sham six-month search and installed a poison pill", "Starboard's plan lifts operating margins from 0.9% to 7.3% and unlocks $500-$700M of OfficeMax synergies, vs management's $400-$600M guidance" ], "scqaSituation": "Office Depot is the No. 2 U.S. office-supply superstore with $10.7 billion of 2012 revenue, competing with Staples and OfficeMax, and is in the middle of a pending merger with OfficeMax subject to antitrust review.", "thesisSummary": "Office Depot's stock fell 87% in the five years before Starboard's 13D, while G&A expense rose despite a $4.8 billion revenue decline, leaving 2012 operating margin at 0.9% — the worst among office-supply superstore peers Staples (6.3%) and OfficeMax (2.0%). Starboard, the largest shareholder at 14.6%, blames a self-interested, 7-year-tenured board that hired non-retail interim CEO Neil Austrian as permanent CEO after a six-month search, installed a poison pill, and entrenched itself with a BC Partners preferred-stock voting block. With the OfficeMax merger pending, Starboard nominates four directors with deep retail and turnaround credentials — Robert Nardelli, Joseph Vassalluzzo, Cynthia Jamison, and Jeffrey Smith — to oversee a 100-page transformation plan that lifts EBIT margins to 7.3% and unlocks $500-$700 million of merger synergies, whether the OfficeMax deal closes or not.", "primaryDemands": [ "Replace four incumbent directors (Colligan, Evans, Fife, Hedrick) with Starboard's four nominees at the 2013 Annual Meeting", "Reconstitute the board with retail, operating, and turnaround experience ahead of the OfficeMax merger close", "Designate Starboard's nominees among the five Office Depot seats on the post-merger ten-person combined board", "Adopt the 100-page 'Transforming Office Depot' restructuring plan filed alongside this deck" ], "scqaResolution": "Replace four incumbents — Colligan, Evans, Fife, and Hedrick — with Starboard's four retail-experienced nominees (Nardelli, Vassalluzzo, Jamison, Smith) 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In recent meetings with Mr. Austrian, we came away believing he was not interested and not a candidate for the full time position.\" - Deutsche Bank report, May 23, 2011", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:29.042+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49e552d8-45c6-4eca-aaf8-26e1c5fc2ab2", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.84, "x": 0.08, "y": 0.21 }, "kind": "list", "text": "Neil Austrian claimed that the Company was looking for the following in a new CEO: \"We want a Hall of Fame guy... you want someone who's an absolute proven leader... someone that can build revenue... someone that has both retail, and what I'll call, BSD experience.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:29.042+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4dc7917c-7ba7-4d3f-8380-087b06932dab", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.84, "x": 0.08, "y": 0.54 }, "kind": "list", "text": "Unlike what Office Depot claimed it was looking for in a CEO, Mr. Austrian’s primary experience consisted of his role as the COO of the National Football League and investment banking.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:29.042+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d641fa5e-6c8f-4f14-99d6-d046cac21cfa", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We want a Hall of Fame guy. I think the specs are pretty obvious...you want someone who's an absolute proven leader, somebody who's run a major business, somebody who in the past has not only demonstrated their ability to control thoughts and innovate, but someone that can build revenue. You'd like to find somebody that has both retail, and what I'll call, BSD experience. And our expectations are...we're going to find a superior CEO to come in and take the company to the next level.\" — Neil Austrian. \"We find the hire to be very surprising and we believe the market will as well. 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Either: 1) By February 2011... the CEO search committee... had already determined that Mr. Austrian would become the permanent CEO... 2) The Board's governance is seriously lacking.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-86fd-4f239c2f4fc0", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.84, "x": 0.08, "y": 0.19 }, "kind": "list", "text": "Further, through our public involvement in Office Depot over the last year, a number of highly qualified former CEO’s and high level executives with substantial retail experience have reached out to us stating that at the time of the search process, they had reached out to the search firm conducting the process.\nYet each of these individuals either did not receive a call back from the search firm, or never got past conversations with the search firm to speak with the CEO search committee.\nWe also note that Scott Hedrick became lead independent director in February 2011 to replace Mr. Austrian as lead independent director. Mr. Austrian was subsequently appointed permanent CEO in May 2011.\nOffice Depot noted that Mr. Hedrick became lead independent director in response to the fact that the Company did not have a truly independent lead director (given that Mr. Austrian was serving as lead independent director and had assumed the interim CEO position).\nWe agree that an independent lead director was needed, yet, we note that Mr. Austrian assumed the interim CEO role in October 2010. Therefore, a full four months had passed during the CEO search process before Mr. Hedrick assumed the role of lead independent director.\nWe can only conclude two things from this fact pattern. 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(emphasis added)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:29.208+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24656619-c757-4e74-90c7-498e125e5632", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.08, "y": 0.2 }, "kind": "list", "text": "Glass Lewis recommended that shareholders vote AGAINST four of ODP's nominees last year, including two of the ODP nominees we oppose -- Marsha Evans who has served as Chair of ODP's compensation committee since 2009 and Scott Hedrick who has served as a compensation committee member since 1994 and served as its Chair from 1996 through 2004.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:29.208+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc6a087f-3311-4319-acf0-2a0d1c9a4abf", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.85, "x": 0.08, "y": 0.32 }, "kind": "list", "text": "Compensation practices: ISS states, \"while the Company's Total Shareholder Return performance continues to significantly trail its GICS group, CEO pay is above the ISS selected peer median.\" Glass Lewis notes with respect to Office Depot's compensation of its top officers : \"Overall, the Company PAID MORE than its peers, BUT PERFORMED WORSE than its peers.\" Glass Lewis also concluded that ODP was \"deficient in linking pay with performance\" and that \"shareholders should be deeply concerned with the compensation committee's sustained failure in this area.\" Glass Lewis has assigned ODP an \"F\" score for pay-for-performance in each of 2011 and 2010 and a score of \"D\" in 2009.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:29.208+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0688d1d-54d4-43a8-8918-6fcc1c54df81", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.78 }, "kind": "paragraph", "text": "Despite significant concerns by ISS, Glass Lewis and some of ODP's largest shareholders, the Board has continuously failed to address the deficiencies in compensation and corporate governance practices and, in fact, created an additional concern by implementing a poison pill.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:29.208+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd3a5a70-475b-490d-8cc9-c1e40b1b98df", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“while the Company’s Total Shareholder Return performance continues to significantly trail its GICS group, CEO pay is above the ISS selected peer median.” — ISS; 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"attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:33.592+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c0a98ea-2f9c-485d-a252-ef263d7f5ef8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.08, "y": 0.25 }, "kind": "list", "text": "Glass Lewis Concern: The Long Term Incentive compensation program consisted entirely of time based vesting with only a minimal amount subject to a performance target.", "attrs": null, "canon": { "kind": { 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Glass Lewis states that the Compensation committee has done a “disservice to shareholders.”", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:29.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa5d32ec-93f4-4c3f-a852-60084ad27331", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.08, "y": 0.19 }, "kind": "paragraph", "text": "Glass Lewis Concern #3 – Guaranteed Bonuses", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:29.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bab21479-0044-4a5e-bcc4-fecd0606b3f8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "except for nominal fixed payments such as base salaries, we believe the compensation of executives should be strictly based on the performance of the company. — Glass Lewis; disservice to shareholders. — Glass Lewis", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-86fe-4158dcaf9545", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.08, "y": 0.89 }, "kind": "source-note", "text": "Source: Glass Lewis Proxy Papers, ODP SEC filings.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Glass Lewis notes that in Office Depot's case, approximately 84.21% of the peer group had more than twice the market capitalization.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:30.112+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a29ff91a-3125-4fbe-b607-6aca96086640", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.85, "x": 0.08, "y": 0.52 }, "kind": "list", "text": "Office Depot Reaction: Compensation committee IGNORES Glass Lewis and continues to compare itself against significantly larger companies for the purpose of compensation.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:30.112+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b813bd3c-6ebb-4918-a0d3-0201c4a833b7", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.85, "x": 0.08, "y": 0.66 }, "kind": "list", "text": "Conclusion: Office Depot's latest compensation peer group consists of 18 companies. 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Market Capitalization analysis as of July 18, 2013.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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\"members of [the compensation] committee should be held accountable for this lack of oversight\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-86fe-bec80fdab156", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.08, "y": 0.25 }, "kind": "list", "text": "Glass Lewis has given Office Depot a grade of “F” for four out of the last five years with the only other grade being a “D”\nFurther, Glass Lewis has recommended that shareholders vote AGAINST at least the chair of the compensation committee for the last 4 years", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:29.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5736d55f-64dd-48f9-b302-3dd07c7d9f5c", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.7, "x": 0.08, "y": 0.4 }, "kind": "list", "text": "2009: AGAINST Compensation Committee: Ault (chair), Evans, Bernauer, Hedrick\n2010: AGAINST Compensation Committee: Evans (chair)\n2011: AGAINST Compensation Committee: Evans (chair)\n2012: AGAINST Compensation Committee: Evans (chair), Hedrick and Svider", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:29.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a646e634-b17d-46be-b99c-fa5f4b97567e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.79 }, "kind": "quote", "text": "Glass Lewis - 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