Check out a brewing tussle at Office Depot
The office-products retailer is fighting back one shareholder’s attempt to nominate two directors to replace both its current and former CEO on the board.
Shareholder Woodbridge Group said it planned to nominate an ex-president of Office Depot and and a former president of rival Staples as board members in hopes of revitalizing the retailer, which has been bruised by the economic slowdown that has led small business customers to cut back.
It’s yet one more hurdle for Office Depot, which disclosed last month that it faces a regulatory probe into allegations that it made phone calls to analysts last year warning that weak economic conditions were hurting sales.
The retailer is urging its shareholders to vote down the dissident board nominees. Stay tuned.
Also in the basket:
US Treasury Secretary sees economy in ’sharp decline’
Reebok to pay $1 million fine over lead jewelry
(Photo: Reuters)
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One comment so far
Office Depot has the WORST call centers in the world. Everytime I have to talk to those Phillipine outsource call center staff I cringe. What a waste of time. My business is slowly transferring to Staples and I’ll be done with Office Depot in a few weeks.
- Posted by jj