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Staples CEO Departs Shortly After Making $1 Billion Bid for Office Depot

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Staples CEO Alexander (Sandy) Douglas will step down effective June 18, 2018. John Lederer, Executive Chairman of the Board, will take on the role of interim CEO as the company begins to search for a permanent replacement.

“On behalf of the Board, I would like to thank Sandy for his commitment and dedication to the company,” said Lederer in a statement. “I look forward to working closely with CFO Jeff Hall and the rest of the senior management team to oversee the day-to-day operations of the company and execute on our growth strategy as the economic recovery in North America gains momentum.”

Douglas’ departure comes just after Staples made its latest bid for Office Depot, valued at $1 billion. The retailer’s advances have been rejected multiple times in the past, but this time Staples has secured government approval ahead of time and will only seek Office Depot’s consumer-facing business.

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