{
  "docId": "019dd923-622b-71dc-a6d9-b06e1e87f57d",
  "docSlug": "0d9a92f4ecfe",
  "documentTitle": "Office Depot, Inc. (ODP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-08-02 00:00:00",
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  "pageNumber": 27,
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  "density": "balanced",
  "nDataPoints": 3,
  "notes": "The slide uses a rhetorical question at the bottom to emphasize the governance failure.",
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      "kind": "callout",
      "text": "How did the Board allow Mr. Austrian to be one of four members on the CEO search committee to oversee the search process when he, himself, was being considered as part of the process?",
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      "text": "On October 25, 2010, Office Depot announced that its then-CEO, Steve Odland, would be stepping down and that Neil Austrian would assume the role of interim CEO and Chairman.\nA CEO search committee was formed consisting of four directors and including:\n- Marsha Evans (chair of search committee), a director for 4 years, who was appointed to the Board while Mr. Austrian was Chair of the Nominating and Governance Committee.\n- Neil Austrian – Interim CEO, even though he was clearly conflicted given his role as interim CEO and the fact that he was being considered as the potential permanent CEO.\n- Myra Hart – A director since 2004.\n- James Rubin – a member of BC Partners who had served as a director since June 2009.\nAt the time of Mr. Odland’s departure, over the last five years, Office Depot’s stock price had declined by 83%, revenue had declined by 18% and operating profit had declined by over 85%. Given these results, Office Depot was clearly in need of an experienced retailer to transform the business.",
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      "text": "Source: ODP SEC filings.",
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      "text": "We Have Serious Questions About the 2010 CEO Search Process",
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