Staples CEO Alexander Douglas to step down

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The move comes two weeks after Staples offered to buy Office Depot (NASDAQ:ODP) owner ODP Corp’s consumer business for $1 billion, in its latest effort to acquire its rival’s assets.

Staples, which is owned by buyout firm Sycamore Partners, said it has begun a search for a permanent chief executive officer.

Douglas, previously an executive at Coca Cola, joined the company as CEO in 2018 and will hand over to Lederer, who has been a senior adviser at Sycamore since 2017, later this week.

Staples declined to comment further on the reason for Douglas’ departure.