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Staples Announces Management Transition

Category:

Tuesday, May 31, 2016 4:20 pm EDT

Dateline:

FRAMINGHAM, Mass.

Public Company Information:

NASDAQ:
SPLS

FRAMINGHAM, Mass.--(BUSINESS WIRE)--Staples, Inc. (Nasdaq: SPLS) today announced that the Board of Directors of Staples and Ron Sargent have mutually agreed that he will step down from the position of Chief Executive Officer after the Company’s Annual Meeting of Shareholders on June 14, 2016, at which time Shira Goodman, Staples’ President, North America Operations, will become interim Chief Executive Officer.

Upon re-election at the Annual Meeting, Sargent will continue to serve as a director and non-executive Chairman through the Company’s 2016 fiscal year ending on January 28, 2017. The process to identify a permanent CEO will be led by a Special Committee of the Board which will consider both internal and external candidates with the support of an executive search firm.

Robert E. Sulentic, Independent Lead Director of the Staples Board of Directors, stated, “The entire Board would like to thank Ron for his nearly three decades of dedicated service and leadership at Staples. Under Ron, Staples made consistent advancements that ensured and extended the company’s market leadership in the office products sector. Most notably he drove the growth of the commercial contract business which is central to Staples’ go-forward strategy. He also worked diligently on the acquisition of Office Depot and the Board appreciates the strong effort he made to secure governmental approval. 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. 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.”

Sargent said, “It has been an incredible honor to have worked with the talented and dedicated team at Staples for the past 27 years through a dynamic and ground-breaking time for the Company, our customers and the retail industry overall. I want to sincerely thank our associates and partners, every one of whom helped to deliver value for our customers. Following close collaboration over the past several years, I am confident in Shira’s and the team’s ability to deliver substantial shareholder value.”

Goodman said, “I am excited to take on this new role as the Staples team executes our strategic initiatives to drive shareholder value and position Staples for the next phase of growth. I am confident that we can do so by intensifying our focus on our best growth opportunities with mid-market business customers in North America and in key categories beyond office supplies.”

Shira Goodman Biography

As President, North American Operations, Shira is responsible for Staples’ business-to-business, online and retail operations across the United States and Canada. Previously, she was President of Staples North American Commercial from February 2014 where she was responsible for Staples Business Advantage, which serves medium-sized to Fortune 1000 businesses, and Quill.com, which serves small to medium sized businesses. In addition, she was head of the company's supply chain and customer service operations in North America. In Shira’s 23 years with the company, she has worked in almost every area of Staples, including e-Commerce, Contract, High-Growth Markets, Strategy, Marketing and Human Resources.

Shira came to Staples from Bain and Company where she was a Manager and where she helped develop the strategy to launch Staples’ delivery business. She subsequently joined Staples to launch that business in 1992.

Shira sits on the Board of Directors of CarMax, Inc. She holds a Master of Management Science degree with a concentration in strategy and marketing from MIT’s Sloan School of Management, a J.D. from Harvard Law School and a bachelor’s degree from Princeton University.

About Staples, Inc.

Staples retail stores and staples.com help small business customers make more happen by providing a broad assortment of products, expanded business services and easy ways to shop, all backed with a lowest price guarantee. Staples offers businesses the convenience to shop and buy how and when they want - in store, online, via mobile or though social apps. Staples.com customers can either buy online and pick-up in store or ship for free from staples.com with Staples Rewards minimum purchase. Expanded services also make it easy for businesses to succeed with in-store Business Centers featuring shipping services and products, copying, scanning, faxing and computer work stations, Tech Services, full-service Print & Marketing Services, Staples Merchant Services, small business lending and credit services.

Staples Business Advantage, the business-to-business division of Staples, Inc., helps mid-market, commercial and enterprise-sized customers make more happen by offering a curated assortment of products and services combined with deep expertise, best-in-class customer service, competitive pricing and state-of-the-art ecommerce site. Staples Business Advantage is the one-source solution for all things businesses need to succeed, including office supplies, facilities cleaning and maintenance, breakroom snacks and beverages, technology, furniture, interior design and Print & Marketing Services. Headquartered outside of Boston, Staples, Inc. operates throughout North and South America, Europe, Asia, Australia and New Zealand. More information about Staples (NASDAQ: SPLS) is available at www.staples.com.

Safe Harbor for Forward-Looking Statements

Certain information contained in this news release constitutes forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any statements contained in this news release that are not statements of historical fact should be considered forward-looking statements. You can identify forward-looking statements by the use of the words “believes”, “expects”, “anticipates”, “plans”, “may”, “will”, “would”, “intends”, “estimates”, and other similar expressions, whether in the negative or affirmative, although not all forward-looking statements include such words. Forward-looking statements are based on a series of expectations, assumptions, estimates and projections which involve substantial uncertainty and risk, including the review of our assessments by our outside auditor and changes in management’s assumptions and projections. Actual results or events may differ materially from those indicated by such forward-looking statements as a result of risks, uncertainties and other important factors, including but not limited to factors discussed or referenced in our annual report on Form 10-K filed on March 4, 2016 with the SEC, under the heading “Risk Factors” and elsewhere, and any subsequent periodic or current reports filed by us with the SEC. In addition, any forward-looking statements represent our estimates only as of the date such statements are made (unless another date is indicated) and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

Contact:

Staples, Inc.
Media Contact:
Mark Cautela, 508-253-3832
Investor Contact:
Chris Powers,508-253-4632

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