Staples Shakes Up Leadership in 2016

Staples Inc. (NASDAQ: SPLS), in an effort to streamline its organization and build a more simple structure going forward, has announced a few leadership changes. The goal of these changes is to speed up decision making and drive profitable growth either as a standalone company or in combination with Office Depot.

Shira Goodman, the current President of the North American Commercial business, has been named President of North American Operations. She will have responsibility for Staples’ business-to-business, online and retail operations in both the U.S. and Canada. Goodman joined Staples in 1992 and played a key role in developing Staples’ delivery business model.

John Wilson, currently President, Staples Europe, has been named President, International Operations and Transformation. He will be responsible for operations in Europe, Australia, New Zealand, Latin America and Asia. He will also be responsible for the company’s strategy and overall transformation efforts. Wilson served as CFO for Staples from 1992-1996, later to rejoin Staples in 2012.

Demos Parneros, President of North American Stores and Online, announced his resignation from Staples, effective March 31. Otis Pannell, Senior Vice President, U.S Retail Operations, will have responsibility for retail operations in the United States and will report to Goodman. Pannell joined Staples in 1989.
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Ron Sargent, chairman and CEO of Staples commented:

John, Shira and Otis have deep knowledge of Staples, and I’m very excited to work with them in their new roles as we position Staples for the future. I want to thank Demos for all he has done to help build Staples. Over nearly 30 years, he has played a significant role in making Staples the leader in our industry, touching countless people and developing many of our strongest leaders and associates. I will miss working with him as a valued colleague.

Shares of Staples closed Monday down 2.6% at $8.68, with a consensus analyst price target of $13.69 and a 52-week trading range of $8.29 to $19.40.