A former grocery business executive who founded Staples Inc and revolutionised the office supplies retail business has died in Massachusetts. Thomas Stemberg was 66.
Venture capital firm Highland Capital Partners says Stemberg died yesterday of cancer. Stemberg had joined the firm in 2005.
Stemberg was a New England grocery executive but left after a dispute with his bosses. He came up with the idea of Staples after driving around the Boston area searching for printer ribbon on July 4th weekend in 1985 when stores were closed.
Staples grew into a chain with USD 22.5 billion in revenue and 83,000 employees last year. It’s based in Framingham.
Former Gov Mitt Romney’s Bain Capital invested in Staples.
Romney tells The Boston Globe that Stemberg was one of the state’s great business leaders.