Staples CEO is Stepping Down After Office Depot Merger Fail

Office supplies retailer Staples, which called off a deal to buy smaller rival Office Depot this month, said Chief Executive Ron Sargent will step down after the company’s annual meeting on June 14. The decision comes three weeks after a U.S. federal judge ordered to halt the deal because of antitrust concerns. “With the termination of the merger, we mutually agreed that now is the right time to transition to a new management to lead Staples through its next phase of growth,” independent lead director Robert E. Sulentic said.