UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
Date
of Report: February 20, 2008
Commission
file number 1-10948
OFFICE
DEPOT, INC.
(Exact
name of registrant as specified in its charter)
Delaware
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59-2663954
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(State
or other jurisdiction of
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(I.R.S.
Employer
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incorporation
or organization)
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Identification
No.)
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2200
Old Germantown Road, Delray Beach, Florida
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33445
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(Address
of principal executive offices)
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(Zip
Code)
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(561)
438-4800
(Registrant’s
telephone number, including area code)
Former
name or former address, if changed since last report: N/A
ITEM
5.02. DEPARTURE
OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN
OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On
February 26, 2008, Office Depot, Inc. (the “Company”) announced the resignation
of its Executive Vice President and Chief Financial Officer, Ms. Patricia A.
McKay. Ms. McKay’s employment will terminate effective March 1, 2008. Consistent
with the terms of her original employment offer, Ms. McKay will receive the
following severance benefits: (a) $840,000, which equates to 18 months of Ms.
McKay’s annual base salary; (b) $19,453.74, which equates to 18 months of the
current monthly COBRA premium in excess of applicable active employee
co-premiums for the type of coverage she had under the Company's group health
plan as of the Termination Date; and (c) $588,000, which equates to 1.5 times
Ms. McKay’s annual bonus
at
target. In addition, Office Depot agrees to pay Ms. McKay $482,484.60. These
payments will be paid in equal installments during normal pay periods over
a
24-month period, less applicable taxes and other deductions required by law.
A
condition to receiving these severance payments is Ms. McKay’s agreement to
execute a customary separation agreement and release.
Charles
E. Brown (age 54), President, International, has agreed to assume the role
of
acting Chief Financial Officer of the Company effective March 1, 2008. Mr.
Brown
was the Company’s Executive Vice President and Chief Financial Officer from 2001
to 2005. The Company plans to begin its search for a permanent Chief Financial
Officer immediately and will announce a successor when this process is
completed.
ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit
99.1
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News
release of Office Depot, Inc. issued on February 26, 2008.
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Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
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OFFICE
DEPOT, INC.
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Date:
February 26, 2008
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By:
/s/ Elisa Garcia
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Executive
Vice President, General Counsel and
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Corporate
Secretary
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