Office Depot Directors Sweep Election

By Alan Wolf -- TWICE, 4/23/2008 9:56:00 AM

Delray Beach, Fla. — All 12 of Office Depot’s directors have been re-elected to the company’s board, according to a preliminary voting analysis.

The anticipated outcome of the stockholders’ vote, tabulated by MacKenzie Partners, was announced today at Office Depot’s annual meeting.

Returning directors include CEO Steve Odland and former CEO Dave Fuente, whose seats had been challenged by activist investor Alan Levan, principal of The Woodbridge Group. Levan withdrew his pair of board nominees last week after four separate proxy advisor groups recommended that stockholders reject the slate.

“With the proxy contest behind us, we can now focus all of our energy on taking care of business and continuing to implement our strategic plan, which we are confident will position the company for sustainable and profitable growth,” Odland said “As we promised our stockholders during our proxy campaign, the Office Depot board and management team have an unwavering commitment to building value for all of our stockholders. We will do everything necessary to improve Office Depot’s performance.”

Office Depot’s stockholders also approved a bonus plan for senior management.