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  "documentTitle": "Office Depot, Inc. (ODP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2013-08-02 00:00:00",
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  "pageNumber": 49,
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  "notes": "This is a classic activist investor 'case for change' slide, focusing on historical underperformance and board incompetence.",
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      "kind": "callout",
      "text": "New Board members with substantial retail, operating, and turnaround experience are desperately needed to transform Office Depot and put it on the right path for future success regardless of whether the OfficeMax Merger is consummated.",
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      "text": "Under the watch of the current Board, Office Depot's financial performance has deteriorated and significant value has been destroyed: Prior to our involvement, the Company's share price had declined by 87% over the last 5 years and $4.4 billion of enterprise value had been destroyed. From 2007 to 2012, revenue declined by almost $5 billion, or 30%, while G&A expenses actually rose, causing operating margins to plummet. Retail comp sales are declining by 5% per year and sales per square foot have eroded, causing massive market share losses. With only 0.9% operating margins, Office Depot continues to be the worst performing OSS company and one of the worst performing retailers.",
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      "text": "operating margins: 0.9%",
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      "text": "Regardless of whether the OfficeMax Merger is consummated, Office Depot needs a truly committed and capable Board with substantial operating and retail experience who can help best position Office Depot to succeed on a stand-alone basis if the OfficeMax Merger is not consummated and be in a position to maximize the long-term synergies with OfficeMax if the OfficeMax Merger is consummated.",
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      "kind": "paragraph",
      "text": "The Board lacks the necessary retail and operating experience to improve the Company and has demonstrated that it is not capable of overseeing Office Depot for the benefit of shareholders.",
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      "text": "Source: ODP SEC filings, Capital IQ, Bloomberg.",
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      "text": "Office Depot Is at a Critical Juncture and an Improved Board Is Desperately Needed Now to Improve Performance at the Company",
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