Nasdaq director Stemberg quits

Source: Nasdaq Stock Market

The Nasdaq Stock Market (Nasdaq:NDAQ) announced that Thomas G. Stemberg, Managing General Partner of the Highland Consumer Fund and former Chairman of Staples, resigned from the Board of Directors effective December 31.

"Tom embodies the pioneering spirit that NASDAQ is known for, first through the founding of a company that defined the office products industry, and now by helping others to bring new and innovative businesses to market. NASDAQ is lucky to have been the beneficiary of Tom's unique insight into product innovation and his deep understanding of how to build successful and enduring companies," said Bob Greifeld, President and Chief Executive Officer of The Nasdaq Stock Market, Inc.

Mr. Stemberg pioneered the office superstore industry when he opened the first Staples store in 1986. Stemberg served as CEO for 16 years and Chairman for three additional years. He propelled Staples' business growth through store expansion programs, a delivered office products business, growing international presence, and award-winning e-commerce operations. Stemberg also founded Olly Shoes, a leading children's shoe retailer. In addition, he serves on the boards of two NASDAQ-listed companies, Lululemon Athletica (Nasdaq:LULU), and PetSmart (Nasdaq:PETM).

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