April 11 Office Depot Inc said it has
changed its employment agreement with Chief Executive Neil
Austrian to reflect the office supply firm's recent merger with
OfficeMax Inc and search for a new CEO of the combined
Austrian will receive his regular salary through June 2014
if his employment is terminated before that date. He will also
be eligible for a bonus for as long as he remains employed with
the company, Office Depot said in a regulatory filing on
Office Depot and OfficeMax said on Tuesday that apart from
Austrian and OfficeMax CEO Ravi Saligram, the companies would
also look at external candidates to lead the company.
Austrian will also get 325,000 Office Depot shares on Dec.
31 if he remains in his current position.
He will also be eligible to get up to 325,000 shares based
on the company's performance this year.
Office Depot also said Austrian's severance package would
continue until the second anniversary if he remains employed
through the merger's closing.
The company's shares closed at $4.02 on the New York Stock
Exchange on Thursday.