CEO Roland Smith will retire and Troy Rice will oversee e-commerce as Office Depot’s new chief operating officer.
PlanetRx.com shareholders have granted management authority to access the previously secured $50 million in equity financing from Alpha Venture Capital Inc. The agreement allows PlanetRx.com to sell to Alpha, under certain conditions, up to $50 million in common stock any time during the next two years. In addition, shareholders approved the company's request for authority to execute an eight-for-one reverse stock split. Enactment of the reverse split will assist the company in maintaining the necessary share price for NASDAQ listing. The reverse stock split was effective Dec. 4. Pursuant to the agreement with Alpha Venture, shareholders also approved requests to amend the company's certificate of incorporation, thereby increasing the number of authorized shares of common stock from 100 million to 200 million shares.