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SMALL BUSINESS
Office Depot separates CEO, Chairman positions
AP
NEW YORK -Office-supply retailer Office Depot Inc. will separate the roles of CEO and chairman, according to a regulatory filing with the Securities and Exchange Commission.
Office Depot also said it will allow an independent director of the board to serve as chair.
The provision won't apply to current CEO Steve Odland, whose employment agreement requires that he also serve as chair.
Shares fell 31 cents, or 4.4 percent, to $6.69 during afternoon trading. The stock has traded between 59 cents and $7.84 over the past year.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-26 14:59:33
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