Staples CEO Ron Sargent will step down following the company's annual shareholder meeting on June 14. The decision was a mutual agreement between Sargent and the board of directors, according to the company.
Shira Goodman, Staples' (NASDAQ:SPLS) president, North America Operations, will become interim CEO. Goodman has been responsible for Staples' business-to-business, online and retail operations across the United States and Canada. Sargent will continue to serve as a director and non-executive chairman through the company's 2016 fiscal year ending on January 28, 2017.
Sargent has been with Staples for nearly three decades and worked to create and finalize the merger between Staples and Office Depot (NASDAQ:ODP). He has been CEO since 2002.
"With the termination of the merger, we mutually agreed that now is the right time to transition to new management to lead Staples through its next phase of growth," Robert Sulentic, independent lead director of the Staples board, said in a statement. "Shira has tremendous experience and a long track record of success at Staples, always bringing fresh perspective and change to every role she has had."
Staples and Office Depot abandoned their proposed $6 billion merger after more than a year of trying to get federal approval, which ultimately never came. What's next for Sargent is not known, but Staples has said it will begin implementing companywide cost cutting measures, including closing stores.
- see this Staples press release