Starboard Retains ex-CEO of Home Depot, Chrysler Motors and Former Staples Executive as Advisors for Office Depot Investment
The Wall Street Journal, South Florida Business Journal and other media reported on a 13D filing by Starboard disclosing that Starboard has retained Bob Nardelli, ex-CEO of The Home Depot and Chrysler Motors, and Joseph Vassalluzzo, former vice chairman of Staples, as Advisors as Starboard continues to push for operational changes at the office supplies retail company. Starboard recently called on the Office Depot board of directors to revoke its poison pill and take such other actions necessary to limit the board’s excessive voting control over the company. Starboard is the largest common shareholder of Office Depot with a 14.8% ownership stake. Steve Wolosky, Andrew M. Freedman and Jason W. Soncini represent Starboard in connection with its activist investment at Office Depot.