CEO of Staples Inc. to Be Replaced by Chairman (Correct)

Staples Inc., which operates a North American delivery business bearing the name of the office-supply retailer, said Chief Executive Officer Sandy Douglas will step down from his post and be replaced on an interim basis by Chairman John Lederer.

The changes go into effect on June 18 and the board is looking for a permanent CEO replacement, Staples said in a statement Wednesday. The company and Douglas “mutually agreed” to the change, without providing further details.

Earlier this month, USR Parent Inc., which is backed by Sycamore Partners and operates Staples stores, said it offered $1 billion ...