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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": "This slide is a direct attack on an incumbent board member's qualifications and history.",
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      "text": "Mr. Colligan lacks relevant retail board experience and most of his public board experience consists of service on the boards of underperforming companies.",
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      "text": "Mr. Colligan serves as the chair of the audit committee of the Board. Glass Lewis recommended a vote AGAINST his continued service on the Board in 2011 when he was a member of the audit committee, citing “restatements [which] may signal weak internal accounting expertise, poor internal controls and aggressive financial reporting practices at the Company.”",
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      "text": "Since Mr. Colligan joined the Board in January 2010, the Company’s stock price has declined by 36%. Up until Starboard’s involvement became public in September 2012, Office Depot’s stock price had declined 63%.",
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      "text": "Mr. Colligan lacks relevant retail board experience and most of his public board experience consists of service on the boards of underperforming companies : From June 2006 to December 2008, Mr. Colligan served on the board of Anesiva, Inc., a biotech company, which eventually filed for Chapter 7 Bankruptcy in January 2010. Since January 2011, Mr. Colligan served on the board of CNH Global NV, a farm machinery manufacturer. During his tenure the company’s stock price declined by 10% and underperformed the S&P500 by 42%. Since September 2012, Mr. Colligan served on the board of ADT Corporation, a home security and alarm systems provider. During his tenure the company’s stock price outperformed the S&P500 by 3%, which can partially be attributed to another activist’s involvement only 1 month after Mr. Colligan joined the board.",
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      "text": "Mr. Colligan has no relevant retail operating experience – his background mainly consists of academics and accounting: From July 2007 to June 2010, Mr. Colligan served as Vice Dean of The Wharton School’s Aresty Institute of Executive Education, where he was responsible for the non-degree executive education programs. From 2004 to 2007, Mr. Colligan served as a Managing Director at Duke Corporate Education, an education services company, affiliated with Duke University’s Fuqua School of Business. From 1969 to 2004, Mr. Colligan worked at PricewaterhouseCoopers, where he was most recently Vice Chairman.",
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      "text": "stock price performance: -63%",
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      "text": "restatements [which] may signal weak internal accounting expertise, poor internal controls and aggressive financial reporting practices at the Company. — Glass Lewis",
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      "text": "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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