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. In 1986, Stemberg started Staples with backing from private equity firms, including Hambro International Ventures, Harvard Management, Bessemer Ventures, Adler & Company, and
Bain Capital; Bain co-founder
Mitt Romney served on the company's board of directors for the next 15 years. 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. Stemberg had an estimated net worth of $202 million, he was a philanthropist who donated funds in areas pertaining to education. 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. == Personal life ==