Online only book retailer, Booktopia (ASX:BKG):
has given Tony Nash notice to step down as CEO effective from close of business yesterday 13 July 2022.
Not a great way to start the conversation — let’s find out more:
The Company has just completed an internal business review focussed on, amongst other things, its overall strategy, efficiency and its cost structure.
Go on:
As part of this process, the Board has determined that retaining Tony Nash as the Chief Growth Officer, whilst at the same time appointing a new CEO was not in the best interests of the business going forward.
Rough! But wait, what’s this Chief Growth Officer business? I thought he was being fired as CEO? Turns out, he was already on his way out as CEO, all the way back in May — stepping away from day-to-day operations and transitioning into a newly created role.
The brutality continues:
Accordingly, the Board has given Tony notice to step away from executive management of the Company in order to enable a new CEO to enter with a fresh start […]
Get this:
[…] on well laid foundations.
The nicest thing they could say about the co-founder, who will continue to be a director and own 16.6% of the company.
So, who’s running the show now?
Geoff Stalley, the current CFO, has been appointed as the interim CEO until a new CEO is selected […]
Shares closed at 31 cents — down 4.62% on the day. Down 88.17% in the last year!