Staples President to Take Over as CEO

Staples Inc. said President and Chief Operating Officer Ronald Sargent will take over as chief executive effective Feb. 3, succeeding Thomas Stemberg, who will stay on as executive chairman.

The Framingham, Mass.-based retailer said Sargent and Stemberg will work together on corporate strategy, vision and mission in their new positions, which take effect at the beginning of the company’s next fiscal year.

Sargent will be responsible for the daily strategic direction of the firm and Stemberg will focus on new growth initiatives, some financial matters and managing overall corporate governance, Staples said.

Shares of Staples closed off 1 cent at $15.46 on Nasdaq.