Staples Inc. says Ron Sargent will step down as chief executive after 14 years on the job.
Staples and rival Office Depot dropped 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.
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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.