Staples, Inc. Nominates Kunal S. Kamlani to Board of Directors
April 10 2015 - 5:11PM
Business Wire
Staples, Inc. (Nasdaq: SPLS) today announced that it has
nominated Kunal S. Kamlani for election to the Board of Directors
at the 2015 Annual Meeting.
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 integration.”
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.
About Staples
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.
Additional Information
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.
Staples, Inc.Media Contact:Kirk Saville,
508-253-8530orInvestor Contact:Chris Powers,
508-253-4632
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