Staples president heads to Berkshire Partners
FRAMINGHAM, Mass. (AP) — The president and chief operating officer of Staples is leaving the retail office supplier to join the investment firm Berkshire Partners.
Michael Miles will officially step down Feb. 2, 2013, after about a decade with the company.
In a filing with the Securities and Exchange Commission, Staples said Chairman and CEO Ron Sargent will become president and assume the responsibilities of the operating officer.
After he resigns, Miles will receive a consulting fee of $1,000 a month through August 3, 2013, in addition to his severance agreement pay and benefits.
Staples, like other office-supply retailers, has been facing tough competition from discounters and online retailers. It has been working on a strategic plan that includes investing more in its online and mobile efforts and expanding the product assortment that it offers to its business customers. In its most recent quarter, it reported a loss, weighed down by restructuring and impairment charges and lower revenue. But adjusted results beat analysts' expectations.
Shares fell 4 cents to $11.65 in morning trading.