Office Depot’s board nomination saga has taken a new turn with the group of shareholders led by Alan Levan, president of Woodbridge Capital, announcing that it is withdrawing its nominees. It is, however, urging shareholders not to vote for the company's director candidates.

 

“Rather than continue this costly battle we have decided not to propose our candidates for election at this meeting," said a statement by Alan Levan.

 

The statement follows a recommendation by the Institutional Shareholder Services (ISS)that Office Depot stockholders vote to reject the two dissident directors nominated by Alan Levan and his company Woodbridge at this year's Annual Meeting of Stockholders scheduled for April 23, 2008.

 

 

ISS cited concerns about the poor performance of Levan's companies and the lack of qualifications of his nominees, and concluded that Levan and his nominees have not proven that they would be better able than Office Depot's management to effect positive changes at Office Depot.