December 17, 2012
On Monday, Staples (NASDAQ: SPLS ) 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 (NYSE: BRK-A ) (NYSE: BRK-B ) .
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.