Heather Reisman, the founder of Indigo Books and Music Inc., has returned as CEO amidst executive shakeups and recent setbacks for the retailer.
According to the company, Reisman is taking over as CEO after the departure of Peter Ruis, the outgoing chief executive. Andrea Limbardi, Indigo’s former president and a longtime employee, also left around the same time.
Ruis had taken the leadership role from Reisman just over a year ago when she stepped down as CEO and retired as chairperson of the board of directors. However, Reisman will now return to the board, as announced by Indigo on Monday.
Indigo has faced challenges in recent months, including a ransomware attack and signs of a slowdown in consumer spending. Both have impacted the company’s sales.
“There is a clear path for Indigo to regain its momentum,” said Reisman in a statement on Monday. She expressed her love for the company, its mission, and her deep care for the employees who have dedicated their efforts to building it over the past two and a half decades. Reisman is confident that together they will bring Indigo back to growth and profitability.
Retail analyst Bruce Winder, in an interview with Global News, drew comparisons between Reisman and former Starbucks CEO Howard Schultz, who also stepped down and returned to lead the company twice. Winder emphasized the need for a steady hand to guide Indigo through its current challenges.
Winder and other retail analysts anticipate a continued slowdown in consumer spending, driven by higher interest rates affecting Canadian households. As a retailer in the category of “discretionary spending,” Indigo may face depressed sales in the coming months.
Indigo has also made additional changes to its executive team. Craig Loudon, the chief financial officer, will now also serve as the chief operating officer. Markus Dohle will assume the role of chairperson of the board of directors, which will also expand to include Eilieen Naughton, former chief people officer at Google.
In June, four board members resigned from Indigo, with one mentioning a loss of confidence in board leadership and mistreatment as reasons for departure.
Retail analysts,
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