Staples CEO Stepping Down After Merger's Demise

Framingham, MA - Layoffs, closures and a foiled bid to merge with its rival seem to have set Staples CEO Ron Sargent on the path to early departure.

Just few weeks earlier, a judge blocked Staples' bid to merge with Office Depot. That blow came after a year of down profits and store closures, as well as mass layoffs.

After coming to a mutual agreement with his board of directors, a press release said, Sargent intends to serve as a director and non-executive Chairman through the Company’s 2016 fiscal year ending on January 28, 2017. He has been with the company 27 years, according to the press statement.

Sargent leaves his position June 14. President of North American operations Shira Goodman will take over as interim chief executive, as an internal committee and executive search firm undertake the search for Sargent's replacement.