They will not give up the board without a fight. As for the new CEO: I would wager that Austrian will still be there when the dust settles because the large investors don't seen to give a damn. In my opinion, This bunch one of the most self serving I have ever seen.
Base on the decisions and outcome the last few years and the tremendous loses plus the lack of experience on the board change really needs to come sooner than later. Hoping that the Mexico sale would boost the stock to 6 range by now but instead shorts have accumulated close to 57 mil shares and climbing. ODP cannot stand very much longer in the face of lawsuits from contract sales and Star Board too. This whole merger is one giant consolidation of both companies.
There will be a bounce when the merger comes, but if the faces do not change then its liquidation from there.
"Starboard has said that it believes a new and better board is needed to help boost the company's operating performance, select a CEO when Office Depot combines with OfficeMax Inc. and contribute the most highly-qualified board members possible to the combined company.
In the filing dated June 12, Starboard said it continues to be in favor of the merger, but a new board is needed to make sure that the company is prepared to succeed as a stand-alone entity if the deal with Naperville, Ill.-based OfficeMax falls through."
Starboard is policing ODP. They see value and came in to protect and build upon it. Austrian might be out the door once the 3rd party hiring crew makes its selection. Granted, they kindly have to throw his name in the hat for consideration, but we know how that ends up.