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  "documentTitle": "Office Depot, Inc. (ODP)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2013-08-02 00:00:00",
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      "text": "While adding a new independent director with retail experience is a step in the right direction, we believe Mr. Massey’s nomination was reactionary to our involvement and we question whether the Board would have taken such action were it not for our pending proxy contest.",
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      "text": "On July 5, 2013, Office Depot announced that Michael Massey will be nominated for election to the Board to replace Brenda Gaines.",
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      "text": "While adding a new independent director with retail experience is a step in the right direction, we believe Mr. Massey’s nomination was reactionary to our involvement and we question whether the Board would have taken such action were it not for our pending proxy contest.",
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      "text": "While we welcome the appointment of Mr. Massey, we believe the Board of Office Depot is in serious need of significant and well-thought change that includes the addition of directors with substantial retail, operating, and turnaround experience.",
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      "text": "Further, it is important to note that: The majority of Mr. Massey’s recent retail experience was as General Counsel. Mr. Massey’s experience serving for 1 ½ years as the CEO of Payless was not in the context of day-to-day operations, but during the process of selling the company.",
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      "text": "Source: Payless and ODP SEC filings.",
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      "text": "Office Depot’s Replacement of One Director Was Reactionary and Falls Far Short of the Meaningful Improvement the Board Needs",
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