NEW YORK (AP) — Staples Inc. says Ron Sargent will step down as chief executive after 14 years on the job.
His departure follows Staples and rival Office Depot dropping their $6.3 billion merger earlier this month after antitrust regulators opposed it.
Staples director Robert Sulentic said in a statement that the board and Sargent agreed that it was time for new management to help Staples grow after the deal's collapse.
Sargent will step down as CEO after the company's annual shareholder meeting June 14 but will remain a director and non-executive chairman through the end of January.
The Framingham, Massachusetts-based office supplies retailer said Tuesday that Staples executive Shira Goodman, the president of operations in North America, will become interim CEO.
The company's board will search for a permanent replacement.