Staples Picks New CEO From Coca-Cola Ranks -- WSJ
27 January 2018 - 11:23PM
Dow Jones News
Incoming executive was once considered potential candidate to
lead beverage maker
By Drew FitzGerald
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (January 27, 2018).
Staples Inc. replaced Chief Executive Shira Goodman with a top
Coca-Cola Co. executive, switching leaders after the office
supplier was taken private in a leveraged buyout.
The company said Friday that Alexander "Sandy" Douglas, most
recently the president of Coca-Cola North America, will take over
the big-box retailer April 2. Mr. Douglas, 56 years old, announced
he was retiring from Coca-Cola in October after nearly 30 years at
the soda giant.
Private-equity firm Sycamore Partners bought Staples in
September for about $6.9 billion, after more than a decade of
declines for the retailer's shares. Sycamore later split the
company into three divisions focusing on U.S. retail, Canadian
retail and a delivery business that serves big corporate and
government customers.
Ms. Goodman, 57, who started working at Staples in 1992, took
over as chief executive at the Framingham, Mass., company in 2016.
She took the top job after her predecessor, Ron Sargent, resigned
after failing to achieve a merger with rival Office Depot Inc. U.S.
antitrust officials challenged the combination in court, forcing
the companies to drop the effort.
John Lederer, executive chairman of Staples' delivery business,
said in a letter to employees that Friday would be Ms. Goodman's
last day. "I know I speak for all our associates in acknowledging
and thanking Shira for her years of dedicated leadership and
wishing her the best in all future endeavors," he said.
Delivering printer paper, janitorial supplies and other
workplace basics remains a relatively profitable business for the
company, but its big-box stores have suffered years of slumping
sales amid competition from Amazon.com Inc. and other discount
retailers.
Mr. Douglas, who began his career at Procter & Gamble Co. in
1984, joined Coca-Cola in 1988 and rose through the ranks. He was
considered a potential candidate for CEO of the company. In 2017,
Coca-Cola elevated its Europe head, James Quincey, into the top
job.
Write to Drew FitzGerald at andrew.fitzgerald@wsj.com
(END) Dow Jones Newswires
January 27, 2018 07:08 ET (12:08 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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