{
  "docId": "019dd923-622b-71dc-a6d9-b06e1e87f57d",
  "docSlug": "0d9a92f4ecfe",
  "documentTitle": "Office Depot, Inc. (ODP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-08-02 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 42,
  "pageCount": 63,
  "prevPage": 41,
  "nextPage": 43,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 27,
  "notes": "Uses a table to contrast individual director tenure and share purchases to support the argument of lack of alignment.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-b06e1e87f57d/42",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-b06e1e87f57d",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-b06e1e87f57d.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-b06e1e87f57d#slide-42",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In stark contrast, the four incumbent directors we are seeking to replace, who have collectively reaped millions in Board fees, have only purchased 78,000 shares of Office Depot common stock in the market in the last ten years.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-86ff-3eeed83ba3d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.85,
        "x": 0.08,
        "y": 0.19
      },
      "kind": "list",
      "text": "The current Board has an average tenure of 7 years. Despite having collectively received millions in Board fees, we note that the current Board members appear to have only personally purchased in aggregate 213,000 shares in the open market over the last ten years, or just 0.07% of the total outstanding shares. Our Nominees have collectively purchased 87,695 shares of Office Depot common stock since November 2012. In stark contrast, the four incumbent directors we are seeking to replace, who have collectively served on the Board for a combined 34 years and who have collectively reaped millions in Board fees, have only purchased 78,000 shares of Office Depot common stock in the open market in the last ten years.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13b1baf3-f814-44b7-88bf-3a84a72addf2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "shares purchased: 213,000",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-86ff-43f8c7f45339",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.08,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: ODP 2013 proxy, SEC Forms 3 and 4, Capital IQ, Bloomberg. (1) Excludes Brenda Gaines as she will not be standing for re-election post the 2013 annual meeting. (2) Based on Starboard Value review of public filings. Based on public ownership filings dating back to February 2003.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f0bf9545-e20d-4b85-83ed-d05636903857",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.64,
        "x": 0.18,
        "y": 0.37
      },
      "kind": "table",
      "text": "Table showing Name, Years on Board, Shares Purchased Outright During Tenure, and % Total for each director.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bb9d8be2-e2a5-4454-b48f-d512fc375056",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.08,
        "y": 0.1
      },
      "kind": "title",
      "text": "We Have Serious Questions About the Lack of Ownership and Long Tenure of the Current Board",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "60f16f94-bb5f-4656-a207-cbba741136dc",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "c3037979-a3d9-4234-8348-34a6a20236ec",
      "evidence": "Exposing the contradiction between board compensation and lack of personal skin in the game.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 54,
      "from": 42,
      "beatId": "e86e453d-b4ee-469b-b8af-84064421baa9",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "Detailed presentation of the challenges faced by Office Depot and the need for change.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}