Starboard Value LP, the largest shareholder in Office Depot Inc , nominated six candidates for the board of the office products retailer on Monday, sending shares up in premarket trade.
Starboard said it believes the company's board must be "significantly reconstituted now," whether Office Depot's merger with OfficeMax Inc goes through or not.
In addition to Jeffrey Smith, Starboard's co-founder and chief executive, the nominees include Robert Nardelli, former CEO of Chrysler and Home Depot Inc ; David Siegel, CEO of Frontier Airlines; James Fogarty, CEO of Orchard Brands; Cynthia Jamison, a director of Tractor Supply Co ; and Joseph Vassalluzzo, who serves as a director on a number of public company boards.
Office Depot shares rose 8 cents, or 2 percent to $4.09 in premarket trading from their close on Friday at $4.01 on the New York Stock Exchange.
(Reporting by Martinne Geller in New York; Editing by Gerald E. McCormick and Jeffrey Benkoe)