Staples CEO Ron Sargent to Step Down After Failed Office Depot Merger

Shares of Staples (SPLS) are down fractionally Wednesday on word the company's CEO has decided to step down after the failed merger with Office Depot (ODP) - Get Report . Staples said CEO Ron Sargent and the board have mutually agreed that he will exit his position at the company's annual shareholder meeting on June 14. At that point Shira Goodman, Staples' President of North America Operations will step in as interim CEO while the company looks for a permanent replacement. Since the beginning of the year, Staples shares are down 7.5 percent, and roughly half of the retail giants market cap has evaporated over the past 12 months, as earnings dry up and Staples faces the broader challenges which are impacting the broader U.S. retail market. Sargent was instrumental in driving Staples to acquire Office Depot for $6.3 billion, a deal that was ultimately blocked over antitrust concerns.

This article was written by a staff member of TheStreet.