Two Office Depot directors to step down

Two of Office Depot’s nine outside directors will not seek re-election, the Boca Raton-based retailer said Monday morning.

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Lead director Warren F. Bryant and director Rakesh Gangwal will step down from their $200,000-a-year roles.

Bryant, 71, is the former CEO of Longs Drug Stores Corp. and also a director of Dollar General. Gangwal, 63, is the former CEO of USAirways and was a longtime director of OfficeMax.

In 2015, Bryant and Gangwal each were paid $75,000 in cash and Office Depot stock worth $125,000.

Boca Raton-based Office Depot has been roiled in recent years by a declining market for pens and paper, rising competition from Amazon and Wal-Mart and a blocked merger with rival Staples.

 

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