Indigo CEO Peter Ruis resigns | CBC News
The rollercoaster year at Canadian book merchant Indigo witnessed a fresh development on Thursday when newly appointed CEO Peter Ruis unexpectedly stepped down.
Book Retailer's Turbulent Year Takes An Unexpected Turn
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· Published: Sep 07, 2023 at 9:48 AM Eastern Daylight Time | Most Recent Update: 10 hours ago
The tumultuous year at Indigo, the book retailer from Canada, took an unexpected turn when CEO Peter Ruis suddenly stepped down.
The company issued a public statement on Thursday morning, informing that Ruis has stepped down from his role with immediate effect.
Indigo expressed gratitude to Peter for his valuable contributions to the company and extended good wishes as he embarks on new professional endeavors. The company stated that Peter has graciously accepted the role of a consultant for the next couple of months to facilitate a seamless shift in leadership.
Following several years as the president of the company, Ruis was appointed as the CEO in August of the previous year as a part of a strategic plan for succession. This plan involved the promotion of Heather Reisman, the founder and long-term CEO, to a higher position as the chair of the company's board.
Meanwhile, Andrea Limbardi, who serves as the company's chief customer and digital officer, was appointed as the company's president alongside Ruis.
However, those intentions seemed to unravel during the summer months. In June, Limbardi suddenly departed the company to take on a leadership position at fashion retailer Reitmans.
In the month of June, a significant portion (50%) of the board of directors for the company made the decision to step down. Among the resigning members, Chika Stacy Oriuwa expressed her reasons for doing so as the result of her diminished trust in the leadership of the board and mistreatment experienced.
Reisman, the creator of the company, made a personal announcement regarding her intention to withdraw from all her positions within the company she established. It was expected that this transition would take place in the current month.
The implications of the CEO and president leaving the company within a few months are uncertain in terms of the existing succession plans. However, for now, the company has stated that the chief financial officer, Craig Loudon, and the general counsel, Damien Liddle, will collaborate closely with the board to give guidance on a daily basis.
According to Richard Powers, a faculty member at the Rotman School of Management at the University of Toronto, the rapid series of changes and the significant decline of Indigo's stock by 90% in the past five years indicate that the company is currently facing a state of crisis. Additionally, Powers suggests that Indigo had failed to establish a feasible plan for succession in case Ruis would leave the company.
"What will occur in the future?" he inquired. "Who will bring stability to the situation?"
After becoming the president of the company in February 2021, Ruis initially resided in England. However, Indigo announced that both he and his family would relocate to Toronto.
"This individual is truly exceptional, but to have such a short tenure of less than a year, and with no additional explanation from the governing body, it raises questions about what transpired," Powers expressed.
He described Indigo's comment about Ruis leaving as "unexciting" and stated that it encourages guessing.
Powers stated that had he been transitioning to a different role elsewhere, it would have been mentioned.
Earlier this year, Indigo experienced a severe cyber assault that resulted in the disruption of its online activities and significantly impacted its in-store sales for a prolonged duration.
Pete Evans holds the position of a seasoned business writer at CBCNews.ca. Before joining CBC, he has contributed to reputable publications such as the Globe & Mail, the Financial Post, the Toronto Star, and Canadian Business Magazine. You can find him on Twitter via the handle @p_evans or reach out to him via email at [email protected].
This blog segment includes information gathered from The Canadian Press.
