Peter Ruis, the chief executive officer (CEO) of Indigo Books & Music (IDG), is resigning a year after taking the helm of the troubled retailer.
The Toronto-based book seller offered no explanation for Ruis’ departure. However, the CEO departure is the latest in a series of executive changes at Indigo this year.
On September 6, Andrea Limbardi, Indigo’s president and a 21-year veteran of the company, announced that she had left the company.
Arguably the biggest departure at Indigo was the resignation of Heather Reisman who founded the company in 1996. She had served as CEO until last year when Ruis took over.
Reisman also stepped down from Indigo’s board of directors on August 22 this year.
Four of Indigo’s 10 board directors also resigned in recent months, with at least one expressing a “loss of confidence” in leadership at the retailer.
Indigo had said at the time of his hiring that Ruis had been brought in as CEO to provide stability to the company’s leadership team.
Ruis was a retail veteran who previously worked at brands such as at Marks & Spencer (MKS) and Levi Strauss & Co. (LEVI). He wanted to diversify Indigo’s offerings beyond books to include the sale of beer and wine, as well as develop an arcade area in each store.
Sales at Indigo have slumped as inflation reduces consumers buying power, particularly on discretionary items such as books.
In February of this year Indigo was hit with a cyberattack that crashed its website and further hurt sales.
Indigo’s chief financial officer (CFO) Craig Loudon will act as interim CEO of the company while the board searches for a permanent replacement for Ruis.
Since its initial public offering (IPO) in 1997, Indigo’s stock has lost 91% of its value. The company’s shares currently trade at $1.25 each.