Staples COO Resigns, CEO Steps Up
On Monday, Staples announced that President and Chief Operating Officer Michael A. Miles Jr. has resigned, effective Feb. 2, to take a new job with Boston-based investment firm Berkshire Partners -- no relationship to Warren Buffett's Berkshire Hathaway .
No direct replacement has been named. To the contrary, in a filing with the SEC, Staples advised that Chairman and Chief Executive Officer Ronald Sargent will "serve as president ... and assume the responsibilities of principal operating officer."
In the same filing, Staples noted that it will continue to employ Miles as a consultant on a part time basis after the date of his official resignation for a fee of $1,000 a month. This latter relationship is scheduled to extend through next Aug. 3.
Shares of Staples closed up 0.8% at $11.78.
The article Staples COO Resigns, CEO Steps Up originally appeared on Fool.com.Fool contributor Rich Smith has no positions in the stocks mentioned above. The Motley Fool owns shares of Berkshire Hathaway and Staples. Motley Fool newsletter services recommend Berkshire Hathaway. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.