American bookselling chain Barnes & Noble has sacked its c.e.o Ronald Boire after just under a year in the post.
In a statement, the company said: “The board of directors determined that Mr Boire was not a good fit for the organisation and that it was in the best interests of all parties for him to leave the company.”
Boire began as c.e.o of B&N’s retail business in September 2015 from his position as president and c.e.o of multi-goods retailer Sears Canada. As a result of his departure, Leonard Riggio, B&N’s 75-year-old founder, will postpone his retirement and take over Boire's responsibilities.
Riggio revealed in April he was going to retire as executive chairman in September after 45 years with the company but will now delay his retirement “until a later date,” B&N said.
“The company will immediately begin an executive search for a new c.e.o,” a spokesperson said. “Mr Riggio, along with other members of the executive management team, will assume Mr Boire’s duties. The company will continue to execute on its previously announced strategic initiatives.”
Boire took up the c.e.o post just after B&N had spun off its Education arm. At the time of his appointment, Riggio said: “I believe Ron’s extensive experience throughout all facets of the retail industry, combined with his leadership ability and proven track record, make him an ideal chief executive for Barnes & Noble”.
In its fourth quarter results ended 30th April, Barnes & Noble revenue declined 3.7% to $876.7m, with widening losses. Shares at the retailer have dropped 25% in the past year but were flat after the news last night at $13.38.
Sales at US bookshops were up 6.1% for the first half of the year, ahead of the comparable period in 2015, according to estimates released by the U.S. Census Bureau.