11 March 2005 – Framingham (MA): Staples has announced that Ron Sargent is to assume the chairman’s responsibilities in addition to his current role of president/CEO.
The news follows on from last night’s revelation that Tom Stemberg had resigned from the board. It has now emerged that Stemberg will become chairman emeritus of the company.
Commenting on the changes, Stemberg said: "Under Ron’s leadership the company has delivered outstanding results for our customers, associates and shareholders. As I look to new ventures, the time is right for me to move on and for Ron to assume the role of chairman."
And Sargent paid tribute to Stemberg, adding: "Tom is an industry icon who had the extraordinary vision to found Staples in 1986 and create the office products retailing industry. Tom is a great mentor to me and many people throughout the Staples organisation. We will continue to embrace his vision and his legacy as we make Staples the world’s best office products company."