Canada's largest bookstore announced a reshuffling of its top leadership team on Monday with founder Heather Reisman back in the top job.
Indigo Books & Music Inc. said in a press release that Reisman is returning to the role of CEO after Peter Ruis resigned earlier this month.
"We know Heather's deep understanding of the Indigo brand as the country's leading voice on books and reading, and her commitment to the business, combined with a very special and dedicated organization, will put the Company on the right trajectory," Markus Dohle, Chair of the Board's Human Resources, Compensation and Governance Committee, said in the press release.
Reisman left Indigo last year and retired from its board in August 2022, but has now returned with Ruis's Sept. 7 departure.
Indigo did not offer any reason for his resignation.
Craig Loudon, Indigo's Chief Financial Officer (CFO), has been appointed as Chief Operating Officer (COO).
Loudon will continue acting as the CFO and lead the finance team, the press release says.
Monday's restructuring comes as the company faces a shakeup at its highest levels including the departure of its president and 21-year employee Andrea Limbardi.
"There is a clear path for Indigo to regain its momentum," Reisman, said in Monday's press release. "I love this company and its mission…I know that together we will return Indigo to growth and profitability."
One expert says the leadership changes are a response to the "crisis" brewing within the company.
"What's going to happen moving forward?" Richard Powers, an associate professor at the Rotman School of Management at the University of Toronto, told The Canadian Press. "Who is going to steady the ship?"
Indigo's stock price has fallen by 90 per cent in the last five years.
Dohle now serves as Chair of the Board of Directors and Eileen Naughton was appointed to the board on Monday.
This is a breaking news story. More to come.
With files from The Canadian Press.
