OfficeMax Inc. (OMX) and Office Depot Inc. (ODP) provided several key updates to their planned merger, including the committee members announcement tasked with overseeing the process to select a chief executive for the combined company and selection of the executives who would help in managing the integration planning process.
Office Depot Board Member Nigel Travis, chief exectuive of Dunkin Donuts, and OfficeMax Board Member Jim Marino, former President and chief exectuive of Alberto Culver Co., would co-chair the selection committee. The committee would oversee a comprehensive search process, which would consider both incumbent CEOs - Neil Austrian, Chairman and CEO of Office Depot and Ravi Saligram, President and CEO of OfficeMax - as well as external candidates. Also, it would proceed with the aim of selecting the CEO for the combined company at or prior to the closing of the transaction.
Further, Office Depot and OfficeMax announced the selection of key executives from both companies who would oversee the integration planning process for the combined company. In addition, Office Depot today filed a registration statement on Form S-4 with the U.S. Securities and Exchange Commission, which includes a joint proxy statement of OfficeMax and Office Depot and a prospectus of Office Depot.
The companies also confirmed that each company yesterday received a Request for Additional Information and Documentary Materials from the Federal Trade Commission in relation with the proposed merger.
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