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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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  "notes": "Uses Glass Lewis proxy reports to attack the compensation committee's track record.",
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      "text": "The Company PAID MORE than its peers, BUT PERFORMED WORSE than its peers.",
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      "text": "Marsha Evans has served as Chair of ODP’s compensation committee since 2009 and Hedrick has served as a member since at least 1994, serving as Chair from 1996 through 2004.",
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      "text": "Over the last three years, Glass Lewis has given the compensation committee a score of “F” in 2011 and 2010 and a score of “D” in 2009.",
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      "text": "Glass Lewis states, “The Company paid: MORE compensation to its top officers than the median compensation for 28 similarly sized companies... Overall, the Company PAID MORE than its peers, BUT PERFORMED WORSE than its peers.”",
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      "text": "Glass Lewis also states 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.”",
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      "text": "Glass Lewis Compensation Grade: F",
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      "text": "The Company paid: MORE compensation to its top officers than the median compensation for 28 similarly sized companies with a median enterprise value of $1 billion; MORE than a sector group of 23 large consumer discretionary companies with a median enterprise value of $1.2 billion; and MORE than a sub-industry group of 9 specialty stores companies. The CEO was paid above the median CEO in these peer groups. Overall, the Company PAID MORE than its peers, BUT PERFORMED WORSE than its peers. — Glass Lewis",
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      "text": "Source: Glass Lewis Proxy Papers",
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      "text": "Glass Lewis FY 2011 Compensation Grade and Historical Compensation Grades",
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      "kind": "title",
      "text": "Leading Proxy Governance Firms Have Raised Serious Concerns with Regard to ODP’s Compensation Practices",
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