- Office Depot names former Toys 'R' Us exec as executive VP of retail
- Wal-Mart cuts profit forecast on sluggish Q2
- Judge rules J.C. Penney 'interfered' in Macy’s/Martha Stewart deal; damages pending
- Pricechopper cuts jobs due to rising costs
- Shoe Carnival earnings drop on income tax expenses; plans 23–28 stores
Delray Beach, Fla. -- Starboard Value disclosed on Monday that it has taken a 13.3% stake in Office Depot. According to a report by Reuters, the activist hedge fund now becomes the office supply retailer’s biggest shareholder.
In a letter to Office Depot CEO Neil Austrian, Starboard CEO Jeffrey Smith called for lowering expenses to improve performance.