Staples President, COO Stepping Down
Staples Inc. President and COO Michael A. Miles Jr. will be stepping down from his position in February.
The Framingham-based office products company said Miles has accepted a position with Boston-based investment firm Berkshire Partners. Beginning Feb. 3, Miles also will continue to be employed by Staples on a part-time basis for six months to "consult on transitional matters related to the company's international affairs and operations," according to the company's filing with the U.S. Securities and Exchange Commission. For that work, Miles will be paid $1,000 per month.
In stepping down from his current role on Feb. 2, Miles, who has been with the company for the past decade, will be entitled to severance pay and benefits under his existing agreement.
"The board and I thank Mike for his leadership and service over the past decade," said Ronald Sargent, Staples' chairman and CEO. "Mike brought new energy to our brand, drove growth in our services business, and restructured and integrated our international operations."
Sargent will serve as president and assume the responsibilities of COO as of Feb. 3.
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