Indigo Books & Music Inc., Canada’s largest bookstore chain, has announced significant leadership changes, with founder Heather Reisman returning to the role of CEO following the resignation of Peter Ruis earlier this month.
Heather Reisman, who founded Indigo, is reassuming the CEO position after previously leaving the company and retiring from its board in August 2022. The departure of Peter Ruis on September 7 prompted her return to the top job. The company did not provide a specific reason for Ruis’s resignation.
Markus Dohle, Chair of the Board’s Human Resources, Compensation, and Governance Committee, expressed confidence in Reisman’s leadership, stating that her deep understanding of the Indigo brand and her commitment to the business would guide the company in the right direction.
In addition to her return as CEO, Craig Loudon, the current Chief Financial Officer (CFO) of Indigo, has been appointed as Chief Operating Officer (COO). Loudon will continue to serve as CFO and lead the finance team within the organization.
These leadership changes come at a time when Indigo is undergoing significant shifts at its highest levels, including the recent departure of its president and longtime employee, Andrea Limbardi.
Heather Reisman expressed her dedication to Indigo’s mission and her belief in the company’s potential for growth and profitability in a statement, saying, “I love this company, and its mission… I know that together we will return Indigo to growth and profitability.”
These changes are seen by some experts as a response to a perceived “crisis” within the company. Indigo’s stock price has experienced a sharp decline of 90 percent over the past five years, raising concerns about the company’s future direction and stability.
Markus Dohle now serves as the Chair of the Board of Directors, and Eileen Naughton was newly appointed to the board as part of these restructuring efforts.