Staples, Office Depot Extend Merger Agreement
Staples, Framingham, Mass., announced that it, along with Boca Raton, Florida-based Office Depot, intend to waive the merger-agreement termination date of Feb. 4, 2016, extending it to May 16, 2016. The companies' boards of directors did this to allow for the completion of the ongoing federal court litigation with the Federal Trade Commission.
According to a statement from Staples, both companies expect to execute the merger extension agreement once financing terms are finalized.
"This merger creates an unparalleled opportunity to better serve our customers and to deliver shareholder value," Ron Sargent, CEO of Staples, said in the statement. "We are committed to completing this transaction, and look forward to a full and impartial judicial review."
Staples also announced that it has made leadership changes in order to maximize efficiency and focus.
"We are streamlining the organization and building a simplified structure that will speed decision-making and enable us to focus on driving profitable growth," Sargent said in a statement. "These changes will help us compete in a rapidly involving marketplace, either as a standalone company or in combination with Office Depot."
Shira Goodman, currently president of North American commercial for Staples, will take over as president of North American operations.
John Wilson, currently president of Staples Europe, will become president of international operations and transformation, handling operations in Europe, Australia, New Zealand, Latin America and Asia.
Demos Parneros, president of North American stores and online, announced his resignation from Staples, effective March 31. Otis Pannell, senior vice president of U.S. retail operations, will take over responsibility for retail operations in the U.S. and will report to Goodman.
For more information on Staples, visit www.staples.com.
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