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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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  "notes": "The slide uses a bulleted list to detail specific financial and operational wins, followed by a red-text callout to frame the current board as an obstacle.",
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      "text": "There is much more work to be done that can produce even more value for shareholders. Unfortunately, the current Board has refused to work constructively with Starboard to reconstitute the Board in a manner consistent with the best interests of the Company’s shareholders.",
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      "text": "Since our first public letter on September 17, 2012, Office Depot's stock price has appreciated by 75%, outperforming the S&P 500 by 52% over that timeframe.",
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      "text": "Our involvement in Office Depot over the past 11 months since we filed our initial Schedule 13D in September 2012 has been constructive and has yielded positive benefits for all shareholders.",
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      "text": "Through five public letters and numerous private communications with certain members of management and the Board, we have demonstrated the causes for our serious concerns and have clearly articulated many of our views on how to improve value for shareholders.",
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      "text": "During this time, and we believe largely in response to our involvement, the Company has: Agreed to sell its 50% joint venture interest in Office Depot de Mexico for ~$690 million; Committed to ~$300 million in adjusted operating profit by 2015; Announced a merger with OfficeMax with $400M-$600M in synergies.",
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      "kind": "source-note",
      "text": "Source: ODP SEC filings, Capital IQ, Bloomberg. Note: Stock price data as of July 19, 2013.",
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      "text": "Starboard’s Involvement Has Yielded Positive Results for Shareholders",
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