(Bloomberg) -- Staples Inc., which is in the process of bidding for the consumer business of ODP Corp., said Chief Executive Officer Sandy Douglas will step down from his post and be replaced on an interim basis by Chairman John Lederer.

The changes go into effect on June 18 and the board is looking for a permanent CEO replacement, Staples said in a statement Wednesday. The company and Douglas “mutually agreed” to the change, without providing further details.

Earlier this month, Staples, which is backed by Sycamore Partners, said it offered $1 billion in cash for part of ODP’s business that includes the Office Depot and OfficeMax retail stores and websites. ODP’s board said it is reviewing the proposal.

Lederer has served as chairman of Staples since 2017 and as a senior adviser at Sycamore Partners since the same year, the company said.

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