U.S. retail chain Office Depot Inc. said it had come to an agreement with
Starboard Value, a shareholder that was pushing for more say in company
With the corporation's annual shareholder meeting scheduled for Wednesday, the company said before the meeting began that company directors Marsha Evans and Scott Hedrick would step down, leaving room for two Starboard nominees, The Wall Street Journal reported.
But the company is also expanding the size of its board from 10 members to 11, which allows Starboard, which owns about 15 percent of the company, room for a third nominee.
Starboard is nominating Cynthia Jamison, Jeffrey Smith and Joseph Vassalluzzo to join the board, the Journal said.
Vassalluzzo is poised to take a spot on the firm's chief executive officer selection committee, as well, the Journal said.
Starboard, in return, agreed to cancel its proxy solicitation and to vote in favor of Home Depot's nominees for the board.
"We are very pleased to have reached an agreement with Starboard which we believe is in the best interests of all our shareholders," said CEO Neil Austrian.
Most Popular Stories
- Crimean Referendum Violates International Law: Obama
- Justin Bieber Loses Cool Over Selena Gomez
- Fuentes Makes NAHREP's Top 10 List
- Social Media Can Help a Company's Credit Line
- Hispanic Unemployment Eased in February
- Goya Nutritionist Answers Demand for Healthy Hispanic Dishes
- Boeing Freezes Nonunion Workers' Pensions
- Juanes Back to Singing About Love
- Ukraine Crisis Sets U.S. Stocks Adrift
- Alfredo Ramos Martínez, Mexican Muralist, Symposium at Scripps