Staples Limits Senior Executives’ Severance Benefits

The board of Staples Inc. has adopted a new policy that limits severance benefits for senior executives. Going forward, the company won’t pay severance benefits — under any existing or future employment or severance agreement — that exceed 2.99 times the sum of a senior officer’s base salary plus target annual cash incentive award, without seeking shareholder approval. CEO and chairman Ron Sargent has elected to amend his own severance agreement to comply with the policy, the company said.