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Dissident shareholders want Office Depot brass ousted

The theory suggests a flashy new corporate headquarters is a sure harbinger of a shareholder revolt. Office Depot Inc., which is building a new headquarters in Boca Raton, is the next case for the jinx. A dissident shareholder group led by Levitt Corp. of Fort Lauderdale is trying to oust the office supply giant's chairman and CEO from the board in an ugly proxy fight at the April 23 annual meeting. The shareholders group complained CEO Steve Odland is down for $17.8-million in compensation at a time when Office Depot stock market value plunged $7-billion. Unmentioned: all but $1-million of Odland's compensation is in worthless underwater stock options. Office Depot directors fired back that one of the dissidents' two nominees, former Staples Co. chief operating officer Martin Hanaka, was arrested in 1997 for assaulting a female co-worker that he told police was involved in a two-year affair. Unmentioned: the charges were dropped.

Dissident shareholders want Office Depot brass ousted 04/11/08 [Last modified: Friday, April 11, 2008 7:25pm]
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