Shareholder Starboard asks Office Depot to revoke poison pill
Boca Raton, Fla. — In a letter to Office Depot Inc., activist investor Starboard Value asked the office supply retailer to immediately revoke its poison pill provision on the grounds that it would limit the influence of shareholders.
Starboard, Office Depot’s largest shareholder with a 14.8% stake, wrote that it believes “the implementation of the poison pill, with a threshold just above our current ownership, is designed specifically to entrench the current board.”
Ahold names COO of Ahold USA
Amsterdam, the Netherlands — Royal Ahold announced Thursday it has named James McCann as COO of Ahold USA, effective Jan. 1.
McCann, who is the company’s current chief commercial and development officer, replaces Carl Schlicker, who is retiring.
Wal-Mart foreign bribery investigation expands
New York — Wal-Mart Stores reported in a regulatory filing that its investigation into violations of the Foreign Corrupt Practices Act, a federal antibribery law, has extended beyond Mexico to China, India and Brazil.
“Inquiries or investigations regarding allegations of potential FCPA violations have been commenced in a number of foreign markets where we operate, including but not limited to Brazil, China, and India,’’ the company said in a Securities and Exchange Commission filing that accompanied its third-quarter financial results.
In the filing, Wal-Mart said it had “identified or been made aware of’” other potential violations.
“When such allegations are reported or identified, the Audit Committee and the company, together with their third-party advisers, conduct inquiries and when warranted based on those inquiries, open investigations,” the retailer said.