Career
He started his career with the Jewel Company's Star Markets where he became the vice president for the company's sales and merchandising division.[10]
In 1986, Stemberg started Staples with backing from private equity firms, including Hambro International Ventures, Harvard Management, Bessemer Ventures, Adler & Company, and Bain Capital;[11] Bain co-founder Mitt Romney served on the company's board of directors for the next 15 years.[12] By 1999, Staples had worldwide sales of over US$7 billion, with more than one thousand superstores, mail order catalogs, e-commerce outlets, and a contract business.[11]
In 2005, Stemberg joined Highland Capital Partners, a venture capital firm, in Lexington, Massachusetts, as managing general partner.[13]
Stemberg had an estimated net worth of $202 million, he was a philanthropist who donated funds in areas pertaining to education.[14]
Stemberg, a political supporter of Mitt Romney since Romney ran for the U.S. Senate in 1994, spoke on Romney's behalf at the 2012 Republican National Convention.[12] Stemberg encouraged Romney to make healthcare more accessible, which led Romney to reform healthcare in the commonwealth.[15]
