Staples CEO Ron Sargent will step down after the annual shareholders meeting on June 14, the company announced Tuesday.
Shira Goodman, Staples' president of North America operations, will take over as interim CEO, the company said. Meanwhile, a special board committee will consider both internal and external candidates, with the support of an executive search firm.
Sargent's exit follows a high-profile failed merger with Office Depot.
"The entire board would like to thank Ron for his nearly three decades of dedicated service and leadership at Staples," said Robert Sulentic, independent lead director of the Staples board, in a statement, noting Sargent's work on the unsuccessful deal. "With the termination of the merger, we mutually agreed that now is the right time to transition to new management to lead Staples through its next phase of growth."