Move is one of a number of leadership changes at organization
Indigo Books & Music Inc. president Peter Ruis has been promoted as the book retailer's newest chief executive officer, replacing founder and former CEO Heather Reisman.
In an announcement from the company, Ruis was also appointed as a member of Indigo's board of directors.
"I am honoured and delighted to be taking on the new role. I would like to pay tribute to Heather's 25 years of creating and running this incredible brand and look forward to our new partnership as we shape the future," said Ruis in a statement.
"I would also like to thank Indigo's board of directors for their thoughtful and diligent work in this transition and am appreciative of the confidence both Heather and the board have placed in me."
Ruis has replaced Reisman since Monday, with the latter staying at the company as its executive chair. Reisman expressed confidence in Ruis's leadership, describing him as the "right leader for Indigo”.
"Having worked with Peter closely over the past 20 months, I have full confidence that Peter is the right leader for Indigo and that he will be instrumental to both our future success and to sustaining the core values and culture that have underpinned this organization since its founding," said Reisman in a statement.
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Meanwhile, taking over Ruis's former position as president is Andrea Limbardi, who was Indigo's chief customer and digital officer.
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Limbardi said she is excited for her new role and is looking forward to continuing to work with Ruis and Reisman in the future.
"I am excited and energised to continue building upon the strong foundation of Indigo's values and brand to deliver on the growth opportunities we see ahead," said Limbardi in a statement. "I am grateful to Heather for her visionary leadership, and look forward to continuing to work with Heather, Peter, and our amazing teams as we continue to bring Indigo to new heights."
The leadership changes come after the greenlight from the company's board. According to Indigo, its Board and Human Resources, Compensation, and Governance Committee were involved in the succession planning process and coordinated with the executive leadership team for a seamless transition.
Indigo Books & Music Inc. is a known major book and lifestyle retailer in Canada, founded by Reisman in 1996. The company, however, faces challenges amid the pandemic after reporting a $25.4-million loss in its first quarter, despite the company's double-digit increase in revenue to over $204.6 million.
The company attributed its losses to the "current macro-economic conditions" that had a "negative impact on margins and costs given supply chain disruptions, higher freight costs, and inflationary pressures."