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  "docId": "019dd923-622b-71dc-a6d9-b06e1e87f57d",
  "docSlug": "0d9a92f4ecfe",
  "documentTitle": "Office Depot, Inc. (ODP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-08-02 00:00:00",
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  "pageNumber": 25,
  "pageCount": 63,
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  "slideType": "expose_contradiction",
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  "notes": "Uses a narrative of 'playing games' and 'disingenuous' behavior to frame the Board's actions as a governance failure.",
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      "kind": "callout",
      "text": "The Board has effectively disenfranchised shareholders while entrenching itself for an additional four-month period and should be held accountable.",
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      "text": "The current Board played games in delaying the date of the 2013 Annual Meeting. For at least the last six years, Office Depot has consistently held its Annual Meeting in the latter half of April, including the 2012 Annual Meeting which was held on April 26, 2012. Yet rather than hold the 2013 Annual Meeting in April, as has been the historical practice, the Board decided to delay the 2013 Annual Meeting after we nominated directors for election to the Board. It was not until after we had launched a consent solicitation to remove and replace directors and commenced a proceeding in the Delaware Chancery Court that Office Depot finally announced its 2013 Annual Meeting date. Notably, the Company's merger partner, OfficeMax, held its 2013 annual meeting in the normal course on April 29, 2013. We believe it is entirely disingenuous for the Company to make any claims in this election contest that now is not the right time to elect new Board members when it was the Board that manipulated the timing of the 2013 Annual Meeting in the first place.",
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      "kind": "title",
      "text": "The Current Board Sought to Disenfranchise Shareholders by Manipulating the Timing of the Annual Meeting",
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      "evidence": "Contrasts historical meeting timing with the 2013 delay to expose board entrenchment.",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
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      "evidence": "Criticisms of the current board and management, highlighting their lack of retail experience and poor governance practices.",
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