March 9, 2007
Running Staples? That was easy
By Matthew L. Brown
Brenda C. Barnes is leaving Framingham-based Staples' board of directors, according to a Securities and Exchange Commission filing.
Barnes told the board of directors Tuesday that she would not be up for reelection to the board during it next stockholders' annual meeting because of "other commitments," according to the filing. Barnes has been a director at Staples since 2002.
Barnes is also a director of the New York Times Co., which owns the Worcester Telegram & Gazette, and is chairman and CEO of the Sara Lee Corp.
Thursday, the office supply giant granted its chairman and CEO, Ronald L. Sargent, 375,000 shares of restricted stock as part of a retention grant, according to the SEC filing.
Staples stock closed at $26.12 Thursday, making Sargent's restricted stock worth $9.8 million.
The shares would be given to Sargent in full at the end of the company's 2011 fiscal year if Sargent works for the company continuously until then, according to the filing.
The filing also lays out an agreement by which Sargent would be eligible for 375,000 shares if the company meets certain sales and return goals over the next five years.
Sargent has been CEO of Staples since 2002, and chairman of its board of directors since 2005.
Sargent made $1.03 million in salary and $1.3 million in bonuses in 2005, according to company SEC statements.
Barnes told the board of directors Tuesday that she would not be up for reelection to the board during it next stockholders' annual meeting because of "other commitments," according to the filing. Barnes has been a director at Staples since 2002.
Barnes is also a director of the New York Times Co., which owns the Worcester Telegram & Gazette, and is chairman and CEO of the Sara Lee Corp.
Thursday, the office supply giant granted its chairman and CEO, Ronald L. Sargent, 375,000 shares of restricted stock as part of a retention grant, according to the SEC filing.
Staples stock closed at $26.12 Thursday, making Sargent's restricted stock worth $9.8 million.
The shares would be given to Sargent in full at the end of the company's 2011 fiscal year if Sargent works for the company continuously until then, according to the filing.
The filing also lays out an agreement by which Sargent would be eligible for 375,000 shares if the company meets certain sales and return goals over the next five years.
Sargent has been CEO of Staples since 2002, and chairman of its board of directors since 2005.
Sargent made $1.03 million in salary and $1.3 million in bonuses in 2005, according to company SEC statements.
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