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TheStreet Open House

Office Depot Announces Departure Of Board Members

Stocks in this article: ODP

Office Depot, Inc. (NYSE: ODP), a leading global provider of office supplies and services, today announced the departure of five directors who informed the Company that they would not seek to be appointed to the new Board of Directors following the proposed merger of Office Depot, Inc. and OfficeMax Incorporated.

Kathleen Mason joined the Office Depot Board in 2006. Justin Bateman and Raymond Svider were appointed to the Board in 2009. Tom Colligan served on the Board since 2010, and Eugene Fife was elected to the Board in 2012. The departure is expected to be effective today at the time of closing of the merger with OfficeMax.

Neil Austrian, Chairman and Chief Executive Officer of Office Depot, stated, “Each of these Board members was instrumental in guiding the Company through a period of difficult economic conditions as well as executing two of the Company’s largest value creation opportunities – the sale of our stake in the Mexican joint venture and our historic merger with OfficeMax. On behalf of the Company, I thank each of them for their leadership and wish them much success in their future endeavors.”

About Office Depot

Office Depot provides office supplies and services through more than 1,300 worldwide retail stores, a field sales force, top-rated catalogs and e-commerce operations, all delivered through a global network of wholly owned operations, licensees, franchisees and alliance partners. Office Depot has annual sales of approximately $10.7 billion, employs about 38,000 associates and serves customers in 59 countries around the world.

Office Depot’s common stock is listed on the New York Stock Exchange under the symbol ODP. Additional press information can be found at:  http://news.officedepot.com.



Copyright Business Wire 2010

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