Office Depot to shareholders: Reject dissident board nominees

By Lisa Kerner

Charlotte, N.C., March 18 - Office Depot, Inc. urged its stockholders to reject an attempt by Levitt Corp. and its subsidiary, Woodbridge Equity Fund LLLP, to nominate two dissident directors to the company's board at the annual meeting on April 23.

According to an Office Depot news release, Levitt and Woodbridge are attempting to oust current chairman and chief executive officer Steve Odland as well as former chairman and CEO David I. Fuente, a move Office Depot said would be "highly disruptive" and damaging to the company.

Office Depot's board is in the process of implementing what it considers a strong long-range plan under difficult macroeconomic conditions, the release said.

In November, Office Depot chief financial officer Patricia McKay announced the hiring of Peter J. Solomon Co. to provide ongoing analytic support and advice regarding capital structure alternatives for the company.

Office Depot is a Delray Beach, Fla.-based provider of office products and services.

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