Staples Inc., the world’s largest office-supplies retailer, named Chief Executive Officer Ron Sargent as its chairman. He succeeds co-founder Thomas Stemberg, who stepped down a week ago.
Sargent, 49, was promoted to chief executive in February
2002, Framingham, Mass.-based Staples said last week in a
statement. Stemberg, who is 56 and had been chairman since 1988,
becomes chairman emeritus.
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Sargent joined Staples in 1989 after a decade at No. 1 U.S.
grocer Kroger Co. and has presided over three years of earnings
gains at Staples. Increased sales to businesses and a push to
expand services including photocopying helped revenue climb 13
percent in the fourth quarter. Sargent is also redesigning stores
to help shoppers find products faster.
Bloomberg News
