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Staples Names Permanent CEO

Staples, Inc., parent company of Top 40 distributor Staples Promotional Products (asi/120601), announced Monday it has named Shira Goodman as its new president and chief executive officer. Goodman, who will also join the corporation’s board of directors, had been serving as interim CEO.

Staples appointed Goodman after a comprehensive search that included evaluating several qualified candidates.

“This decision was not only based on [Goodman’s] long tenure and deep understanding of our industry, but also on the leadership qualities she has demonstrated while serving as interim chief executive officer,” said Robert Sulentic, independent lead director.

Goodman joined Staples in 1992. Since then, she has served in a variety of key leadership positions, including president, North American Operations and president, North American Commercial as well as high-ranking roles in human resources and marketing.

She was named interim CEO in May after previous CEO Ron Sargent resigned following a failed mega-merger with Office Depot, that would have paired the nation’s first- and second-largest office supply retailers. A federal judge blocked the merger in May, siding with regulators who argued that the merger would reduce competition and raise prices, especially in the business-to-business office supply sector.

Staples’ overall revenue has been in decline as the company closes retail locations, but its promotional product business continues to grow by double-digit percentage points each quarter, and currently ranks as the largest distributor by revenue in the industry [https://www.asicentral.com/news/magazines/counselor/soi-2016/top-40-distributors-no-1-staples-promotional-products/], with estimated North American promotional products revenue of $554.1 million in 2015.

“I am committed to executing our Staples 20/20 strategy, which is focused on accelerating growth with mid-market customers in North America and building on our momentum with products and services beyond office supplies,” Goodman said. “We have an incredible team of dedicated associates and I am proud to lead them as we transform our company and create long-term shareholder value.”