Headlines

A New Chief Staple

Office supplies retailer names new ceo

Published

23 years ago

September 5, 2001

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Staples Inc. (Framingham, Mass.) has announced that president and coo Ronald Sargent will become its new ceo, effective Feb. 3, 2001. The current ceo and founder, Thomas Stemberg, will be appointed executive chairman.

“I believe the ultimate legacy for the ceo and founder of a corporation is how well the company performs as the leadership transitions,” said Stemberg. For this reason, both men have traveled to several companies to observe how other top executives have adapted to new roles, including Microsoft, where they talked to ceo Steve Ballmer and founder Bill Gates.

Staples, which operates more than 1300 stores worldwide, has recently seen a decline in earnings. In the second quarter, profits fell 5 percent even as sales rose 5 percent. In the first quarter, Staples announced a cutback on expansion plans, from 110 to 100 new U.S. stores.

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