Office Depot's (ODP) board of directors was reelected unanimously last month, but compensation committee members lacked support from a significant group of shareholders.
Five of the 12 board nominees received withhold or against votes ranging from between 34.74 percent and 42.73 percent. Directors receiving a significant withhold/against votes were all members of the compensation committee, the largest number going to committee Chairman Lee A. Ault III. Several proxy governance firms had recommended that shareholders withhold votes from these members due to questions surrounding Chief Executive Steve Odland's pay.
The other board members who received significant withheld or against votes: David W. Bernauer, Abelardo E. Bru, Marsha J. Evans and W. Scott Hedrick.
Office Depot spokesman Brian Levine said half of the board received support from more than 90 percent of votes cast.
''We believe that the directors on our Compensation committee received withhold votes because stockholders did not understand certain equity grants made to the CEO,'' Levine said in a statement.
