Austrian in charge again at ODP

Office Depot this week disclosed that board member Neil Austrian will receive a $200,000 monthly salary and 400,000 in stock options at an exercise price of $4.43 in exchange for his service as interim CEO following the departure last week of former chairman and CEO Steve Odland. Austrian is a long time Office Depot board member whom the company has called upon previously to fill the void created when the company’s top executive resigned and a replacement was not readily available.

In October 2004, Austrian was named interim CEO following the resignation of former chairman and CEO Bruce Nelson, which resulted in a five month search resulting in the hiring of Odland. Back then, Austrian received a monthly salary of $170,000, but was guaranteed a minimum of six months pay in addition to a $1 million restricted stock award based on the value of the company’s share price at the time. Austrian was also granted a $1,500 car allowance, a furnished residence and the use of a corporate jet so he could commute between his other homes and Office Depot’s headquarters.

 

Austrian in charge again at ODP

Office Depot this week disclosed that board member Neil Austrian will receive a $200,000 monthly salary and 400,000 in stock options at an exercise price of $4.43 in exchange for his service as interim CEO following the departure last week of former chairman and CEO Steve Odland. Austrian is a long time Office Depot board member whom the company has called upon previously to fill the void created when the company’s top executive resigned and a replacement was not readily available.

In October 2004, Austrian was named interim CEO following the resignation of former chairman and CEO Bruce Nelson, which resulted in a five month search resulting in the hiring of Odland. Back then, Austrian received a monthly salary of $170,000, but was guaranteed a minimum of six months pay in addition to a $1 million restricted stock award based on the value of the company’s share price at the time. Austrian was also granted a $1,500 car allowance, a furnished residence and the use of a corporate jet so he could commute between his other homes and Office Depot’s headquarters.

 

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