Staples, Inc. and company CEO J. Alexander (Sandy) M. Douglas, Jr. have mutually agreed that Douglas will step down, and John A. Lederer, executive chairman of the board, has been appointed interim CEO of the Framingham, Massachusetts-headquartered company. The change was effective as of Friday, June 18. Staples operates in the promotional products industry via Overland Park, Kansas-based distributor Staples Promotional Products (PPAI 108945, D15).

The company's board of directors has commenced a search process to identify a permanent CEO.

"On behalf of the board, I would like to thank Sandy for his commitment and dedication to the company," says Lederer. "I look forward to working closely with Chief Financial Officer Jeff Hall and the rest of the senior management team to oversee the day-to-day operations of the company and execute on our growth strategy as the economic recovery in North America gains momentum. As we look ahead, we remain sharply focused on delivering strong performance and the critical products and services required for America's successful return to work."

Lederer has served as executive chairman of the board of Staples, Inc. since 2017 and as a senior advisor at Sycamore Partners since 2017.