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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": "Focuses on W. Scott Hedrick as a specific target for removal.",
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      "text": "Glass Lewis recommended that shareholders vote AGAINST Mr. Hedrick at the 2012 annual meeting.",
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      "text": "Mr. Hedrick lacks operational retail experience. Primary responsibility since 1979 has been VC. Name no longer appears on InterWest website.",
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      "text": "Mr. Hedrick has served on the Board for 22 years, since 1991. Over his lengthy tenure, Office Depot deteriorated. Since the late 90's, revenue barely grown and EBITDA cut in half. Over last 10 years, stock down 74%, revenue down 13%, margins down 400bps.",
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      "text": "Only other public board service in last 8 years was Hot Topic, where stock declined 53% over 8 years prior to activist involvement.",
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      "text": "stock price: -74%",
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      "text": "(1) Consists of the three large US office supply companies, Staples, Office Depot and OfficeMax. Performance based on adjusted operating margin. Source: Glass Lewis Proxy Papers, Capital IQ. Bloomberg. Note: Stock price data as of July 19, 2013.",
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      "text": "We Have Serious Questions Regarding the Track Records of Office Depot’s Incumbent Board Members",
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      "text": "W. Scott Hedrick:",
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