Joseph Doody will retire in September according to a “filing [on] Thursday with the Securities and Exchange Commission”.
Boston Globe reported that 64-year-old Doody, whose job was to “lead Staples” in its reinvention, will retire from the company in September. Doody was hired by former CEO Ron Sargent in 1998, and the company named Jeffrey L. Hall as the Chief Administrative Officer, a new position, as well as Vice Chairman. Hall will supervise finance, strategic planning and corporate development as well as having other responsibilities.
It was reported that Hall’s salary will be $800,000 (€758,480) per annum, and that he will be “eligible for an annual cash bonus of 100 percent of his base compensation”, and his job also allows him to participate “in a long term incentive programme”, which means he will receive “restricted stock units” possibly worth $1.2 million (€1.1 million) and “performance shares” possibly worth $2.4 million (€2.2 million).
After the failed merger of Staples and Office Depot, the company is said to have struggled due to the competition from online sellers like Amazon. Both Sargent and Doody had been with the company during its growth, with the former stepping down after the failed merger and being replaced with Shira Goodman.