|Staples Inc. Names Basil L. Anderson Vice Chairman|
Exec who helped reshape Campbell Soup Will Oversee Office Products Leader's Strategic, Business Development and Financial Efforts
FRAMINGHAM, Mass.--(BUSINESS WIRE)--Sept. 19, 2001--Basil L. Anderson, 56, the former chief financial officer and treasurer who helped reshape Campbell Soup Co., has joined Staples Inc. (Nasdaq: SPLS) as vice chairman. Anderson, who has served on the Staples board of directors since 1997 and is chair of the audit committee, will be responsible for overseeing the company's strategic, business development and financial initiatives. His appointment was announced today by Staples President and Chief Operating Officer Ronald L. Sargent, to whom he will report.
Sargent, who will take over as Staples chief executive officer on Feb. 3, 2002, said the addition of Anderson will bolster an already strong management team. "Basil's exceptional accomplishments in corporate finance, strategic development and mergers and acquisitions with both Campbell Soup and Scott Paper, where he was chief financial officer, will be a tremendous addition to our company," said Sargent.
Anderson was a key architect of the strategic reshaping of Campbell Soup Co. in the past five years. The reshaping program included significant cost reductions and a portfolio reconfiguration that led to the sale or spin-off of non-strategic businesses. The program included new product launches as well as European and Asian acquisitions.
As chief financial officer at Scott Paper Co., Anderson initiated a program that significantly improved the competitiveness of the business within the paper industry. He was part of a team that negotiated a merger with Kimberly-Clark Corp.
Staples Chairman and CEO Thomas G. Stemberg, who will assume the position of executive chairman when Sargent becomes CEO on Feb. 3, said, "I expect Basil to help Ron raise our company's management skills to the next level, making the management team even better than it has been."
About Basil L. Anderson
Anderson, a native of Jamaica, was named Best CFO in 1998 by CFO Magazine. He served as executive vice president, chief financial officer and treasurer at Campbell Soup Co. from 1996 until his retirement earlier this year. Prior to joining Campbell Soup, Anderson served 21 years with Scott Paper Co., becoming CFO in 1993.
Anderson holds a Bachelor of Science degree in Engineering from the Israeli Institute of Technology, a Master of Science degree in Engineering from the University of Illinois and a Master of Business Administration degree from the University of Chicago. He is a member of the Board of Trustees at the Graduate School of Business at the University of Chicago.
Staples Inc. is an $11 billion retailer of office supplies, furniture, technology and business services to consumers and businesses from home-based businesses to Fortune 500 companies in the United States, Canada, the United Kingdom, Germany, the Netherlands and Portugal. Headquartered outside Boston, Staples invented the office superstore concept and today is the largest operator of office superstores in the world. The company has over 50,000 employees serving customers through more than 1,300 office superstores, mail order catalogs, e-commerce and a contract business. More information about the company is available at http://www.staples.com.
Certain information contained in this news release constitutes forward looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors including risks related to Staples' ability to compete in its highly competitive market, Staples' ability to continue to successfully open new stores, Staples' quarterly operating results being subject to significant fluctuation, Staples' stock price fluctuating based on the expectations of professional securities analysts, the strain on operations due to Staples' rapid growth which can affect operating results, the ability of Staples' foreign operations and Staples.com to become profitable and the ability of Staples to obtain adequate future financing. Additional information concerning these factors is contained in Staples' Annual Report on Form 10-K dated March 15, 2001, which is on file with the Securities and Exchange Commission.