FRAMINGHAM, Mass.--(BUSINESS WIRE)--Apr. 10, 2015--
Inc. (Nasdaq: SPLS) today announced that it has nominated Kunal S.
Kamlani for election to the Board of Directors at the 2015 Annual
Mr. Kamlani served as President and Chief Operating Officer of Prestige
Cruise Holdings, the parent company of Oceania Cruises and Regent Seven
Seas Cruises, from 2011 to 2014. He also served as Chief Financial
Officer at the company. From 2010 to 2011, Mr. Kamlani served as head of
the Global Investment Solutions division of Bank of America/Merrill
Lynch. Prior to that, Mr. Kamlani served as Managing Director and Chief
Operating Officer of Smith Barney. He is a member of the Board of Sears
Holdings Corporation and serves on the audit committee.
Mr. Kamlani was nominated pursuant to an agreement with Starboard Value.
He met with the Staples’ Nominating and Corporate Governance committee,
which recommended that the full Board nominate him for election. In
connection with the agreement, Starboard has agreed to support all of
Staples’ director nominees at the upcoming 2015 Annual Meeting.
“We have an extremely strong board with extensive skills and experience
in areas including integration, strategic planning, e-commerce and
operations,” said Ron Sargent, Staples’ chairman and chief executive
officer. “We look forward to working with Kunal, and we are confident
he will help us continue to build value for our stockholders through our
reinvention and the acquisition of Office Depot. We will continue to
work to close the Office Depot transaction and prepare for a seamless
Jeff Smith, CEO of Starboard, stated, “We are appreciative of the
productive relationship we have had with Staples and are pleased to have
worked constructively with Staples’ Board and management to add Kunal to
the Board. We look forward to continued value creation at Staples, and
we believe Kunal’s skills and experience will help the Board as it
continues to focus on Staples’ strategic priorities.”
The company also announced that Justin King has decided not to stand for
re-election to the Board at the 2015 Annual Meeting. In communicating
his decision, Mr. King cited his disagreement with the decision to reach
an agreement with Starboard.
“On behalf of Staples, I want to thank Justin for his contributions to
the company,” Sargent said. “His leadership over the last seven years
has been valuable as we’ve transformed the company, and I wish him the
best in the future.”
Staples continually reviews Board composition and adds new leaders and
skills to properly complement the skills and background of existing
members and ensure the interests of all stockholders. As previously
announced, Staples will also add two Office Depot directors upon
completion of the Office Depot transaction.
Staples makes it easy to make more happen with more products and more
ways to shop. Through its world-class retail, online and delivery
capabilities, Staples lets customers shop however and whenever they
want, whether it’s in-store, online or on mobile devices. Staples offers
more products than ever, such as technology, facilities and breakroom
supplies, furniture, safety supplies, medical supplies, and Copy and
Print services. Staples also offers free shipping for Staples Rewards
Members, in most cases overnight. Headquartered outside of Boston,
Staples operates in North and South America, Europe, Asia, Australia and
New Zealand. More information about Staples (SPLS) is available at www.staples.com.
About Starboard Value LP
Starboard Value LP is a New York-based investment adviser with a focused
and fundamental approach to investing in publicly traded U.S. companies.
Starboard invests in deeply undervalued companies and actively engages
with management teams and boards of directors to identify and execute on
opportunities to unlock value for the benefit of all shareholders.
Staples will be filing with the SEC and mailing to its stockholders a
proxy statement relating to the election of directors, including Mr.
Kamlani, at its 2015 Annual Meeting. The proxy statement will contain
important information about Staples and its director nominees.
Stockholders are urged to read the proxy statement carefully when it is
available. Stockholders and other interested persons will be able to
obtain free copies of the proxy statement through the website maintained
by the SEC at www.sec.gov
and through Staples’ own website at http://investor.staples.com.
Staples and its directors and executive officers may be deemed to be
participants in the solicitation of proxies in connection with the 2015
Annual Meeting. Information regarding Staples’ directors and executive
officers is contained in Staples Form 10-K for the year ended January
31, 2015 and its proxy statement dated April 11, 2014, which are filed
with the SEC.
Source: Staples, Inc.
Kirk Saville, 508-253-8530
Chris Powers, 508-253-4632