Bloomberg

Staples Inc. (Nasdaq: SPLS) chief executive officer Ron Sargent will step down from the job next month, handing the reins on an interim basis to North America president Shira Goodman.

Sargent and the board “mutually agreed” on the move, the Framingham, Massachusetts-based company said in a statement Tuesday. The 60-year-old will leave the job after the office-supply chain’s annual shareholder meeting on June 14, though he will remain a director and nonexecutive chairman until Jan. 28.

Sargent had staked Staples’ future on a $6.3 billion deal to acquire Office Depot Inc. (Nasdaq: ODP). But the merger was blocked by regulators, who said it would stifle competition.

“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,” Staples’ lead independent director,  Bob Sulentic, said in the statement. “Shira has tremendous experience and a long track record of success at Staples, always bringing fresh perspective and change to every role she has had.”

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