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US: Staples CEO Is stepping down after Office Depot merger fail

By  |  June 1, 2016

Office supplies retailer Staples, which called off a deal to buy smaller rival Office Depot this month, said Chief Executive Ron Sargent will step down after the company’s annual meeting on June 14.

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    The decision comes three weeks after a US federal judge ordered to halt the deal because of antitrust concerns.

    “With the termination of the merger, we mutually agreed that now is the right time to transition to a new management to lead Staples through its next phase of growth,” independent lead director Robert E. Sulentic said.

    Staples announced several actions after scrapping the Office Depot deal, including a $300 million cost-cutting plan and exploration of strategic alternatives for its European operations.

    Shira Goodman, Staples President of North America Operations will become interim CEO, the company said, adding that a special committee of the board would identify a permanent replacement, with the support of an executive search firm.

    Full Content: Fortune

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