(Reuters) - Office Depot Inc
Starboard Value, which holds a 14.6 percent stake in Office Depot, had initially nominated six members to the board of the second-largest U.S. office supply retailer, citing the lack of experience among current board members.
Hours before its annual shareholders meeting, Office Depot said in a statement it had reached a settlement with Starboard on the structure of the board.
Office Depot said three of Starboard's nominees - Cynthia Jamison, Jeffrey Smith, and Joseph Vassalluzzo - will now join its board, and Starboard would in return withdraw its proxy solicitation bid.
The announcement did not mention a standstill provision that would prevent Starboard from nominating directors until 2014.
The retailer revealed plans in February to buy smaller rival OfficeMax
(Reporting by Krithika Krishnamurthy in Bangalore; Editing by Miral Fahmy)