The Meredith Corporation Board of Directors announced that Executive Chairman Stephen M. Lacy will retire from the company on March 31, 2019, following his 65th birthday on March 20, 2019, in line with Meredith's historical practices. At the same time, the Board announced that Lacy will continue to serve as Chairman of the Board – a position he has held since 2009 – in a non-executive capacity. "The actions announced by the Board today are in keeping with Meredith's long-standing and highly successful succession planning practice, one that has been in place for 50 years," said Meredith Board of Directors Vice Chairman Mell Meredith Frazier. "I want to congratulate Steve and thank him for his 20+ year tenure at Meredith, and look forward to his continued leadership as Chairman of our Board." Click read more below for additional detail.
Office Depot, Inc. (NASDAQ: ODP) today announced that the Board of Directors has authorized a stock repurchase program of up to $100 million of its outstanding common stock.
The stock repurchase authorization, which is effective immediately, permits the company to repurchase stock from time-to-time through a combination of open market repurchases, privately negotiated transactions, 10b5-1 trading plans, accelerated stock repurchase transactions and/or other derivative transactions. The program, which extends for a period of 12 months, may be suspended or discontinued at any time. The exact number and timing of share repurchases will depend on market conditions and other factors, and will be funded through existing liquidity.
Office Depot Chairman and CEO Roland Smith commented, “As we communicated on May 16th, we are finalizing our comprehensive strategic review, which includes capital structure and return of capital alternatives. Today’s announcement reflects our commitment to shareholder return. We are continuing to work with our advisors to explore additional opportunities to further enhance shareholder value.”