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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 a 'Concern vs. Reaction' structure to expose governance failures.",
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      "text": "Compensation committee IGNORES Glass Lewis and continues to allow Mr. Newman and Ms. Garcia to receive large annual guaranteed bonuses, regardless of the performance of the Company.",
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      "text": "Glass Lewis Concern: The Compensation committee has granted Mr. Newman and Ms. Garcia large annual guaranteed bonuses, regardless of the performance of the Company.",
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      "text": "Office Depot Reaction: Compensation committee IGNORES Glass Lewis and continues to allow Mr. Newman and Ms. Garcia to receive large annual guaranteed bonuses, regardless of the performance of the Company.",
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      "text": "Conclusion: The Compensation committee paid Mr. Newman a retention payment of $1,937,500 over two years and is paying Ms. Garcia up to $1,500,000 over three years. Glass Lewis states that the Compensation committee has done a “disservice to shareholders.”",
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      "text": "Glass Lewis Concern #3 – Guaranteed Bonuses",
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      "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",
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      "text": "Source: Glass Lewis Proxy Papers, ODP SEC filings.",
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      "text": "Office Depot’s Compensation Committee Continues to Ignore the Concerns Highlighted by Glass Lewis",
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