Heather Reisman returns as Chief Executive Officer; Craig Loudon appointed Chief Operating Officer; Markus Dohle appointed Chair of the Board; and Eileen Naughton joins the Board
TORONTO, Sept. 18, 2023 /CNW/ - Indigo Books & Music Inc. (TSX: IDG), Canada's largest book, toy and lifestyle retailer, today announced a number of leadership appointments as part of a drive to strengthen its brand focus and propel the Company toward growth and profitability.
Leading these changes is the appointment of Indigo's founder, Heather Reisman, as the Chief Executive Officer. Ms. Reisman has also been appointed to the Board of Directors. Supporting Ms. Reisman, Mr. Craig Loudon, Indigo's Chief Financial Officer, has been appointed Chief Operating Officer. In his new role he will continue to act as the Chief Financial Officer and lead the finance team and function.
"We are incredibly grateful that Heather has agreed to return to the helm of Indigo and as a member of the Board, and that Craig has agreed to take on the key role of COO. More than ever, Heather's unique experience is needed as we work to bring Indigo back to profitable growth," said Markus Dohle, Chair of the Board's Human Resources, Compensation and Governance Committee. "We know Heather's deep understanding of the Indigo brand as the country's leading voice on books and reading, and her commitment to the business, combined with a very special and dedicated organization, will put the Company on the right trajectory."
"There is a clear path for Indigo to regain its momentum," said Heather Reisman. "I love this company and its mission. Even more, I care deeply about our people, who have given so much to build this incredible company over more than two and a half decades. I know that together we will return Indigo to growth and profitability. I'm thrilled for both Indigo and for Craig Loudon about his promotion to COO. Craig has not only the institutional knowledge and experience to support me and our entire team in his new role, he has also been a trusted partner for our employees, our suppliers and our shareholders for a long time."
Indigo's Board is also pleased to announce the appointment of Mr. Dohle as Chair of the Board of Directors and the addition of Eileen Naughton to the Board.
Mr. Dohle, a preeminent leader in the global publishing industry, recently capped off a 15-year term as Chief Executive Officer of Penguin Random House, the world's largest trade book publisher. He joined the Indigo Board in June 2023. "I'm honoured to serve Indigo, its leadership team and its thousands of employees in this important next phase," said Mr. Dohle. "With these changes, the collective support of the Indigo Board and the support of the Company's majority shareholder, we are positioning the Company to reemerge as a strong force in Canadian culture and business." "Markus brings unique knowledge of our industry and real passion for our business. We are very fortunate to have him as our Chair and I know I will personally benefit from his guidance and engagement, as will our entire organization," said Ms. Reisman.
Most recently, Ms. Naughton was Chief People Officer at Google Inc. In addition to her deep expertise in people management, technology and operations, she brings a wealth of media & publishing experience having held, prior to her 15-year career at Google/Alphabet, several executive positions at Time Warner, including president of TIME Magazine. "Indigo is delighted to have Eileen join our Board and contribute to our joint efforts to evolve Indigo's culture, talent and people strategies," said Mr. Dohle.
Indigo is a publicly traded Canadian company listed on the Toronto Stock Exchange (IDG). Indigo is Canada's leading book and lifestyle retailer, offering a curated assortment of books, gifts, home, wellness, fashion, paper, baby and kids products, that support customers by simplifying their journey to Living with Intention. The Company operates retail stores in all ten provinces and one territory in Canada, and also has retail operations in the United States through a wholly-owned subsidiary, operating one retail store in Short Hills, New Jersey. Retail operations are seamlessly integrated with the Company's digital channels, including the www.indigo.ca website and the mobile applications, which are extensions of the physical stores and offer customers an expanded assortment of book titles, along with a meaningfully curated assortment of general merchandise. Indigo believes in real books, in living life fully and generously, in being kind to each other and that stories – big and little – connect us.
The Company supports a separate registered charity, called the Indigo Love of Reading Foundation (the "Foundation"), which is committed to addressing educational inequality, and more specifically, the literacy crisis in Canada. The Foundation provides resources including new books and learning materials, training and year-round curation support to help ensure teachers, education staff, school administrators and other key stakeholders have the tools they need to promote literacy in their communities. With the support of the Company, its customers, employees, and suppliers, the Foundation has committed over $35.0 million to more than 1,000,000 students across Canada since 2004.
To learn more about Indigo, please visit the "Our Company" section at indigo.ca.
Statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable Canadian securities legislation. To the extent any forward-looking information constitutes "financial outlooks" within the meaning of applicable Canadian securities laws, such information is being provided as preliminary financial and operational results. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks and uncertainties that could cause actual results to differ materially from those expressed in or implied in this news release. Among the key factors that could cause such differences are: general economic, market or business conditions, which include geopolitical events such as war, acts of terrorism, and civil disorder and the adverse impacts of inflationary pressures; ongoing impacts from the ransomware attack; the future impacts and government response to the COVID-19 pandemic, including any impact to online and/or retail operations of the Company; competitive actions by other companies; changes in laws or regulations; and other factors, many of which are beyond the control of the Company, as set out in the Company's annual information form dated June 27, 2023 and available on the Company's issuer profile on SEDAR at www.sedar.com.
Undue reliance should not be placed on such forward-looking information and no assurance can be given that such events will occur in the disclosed time frames or at all. Any forward-looking information included in this news release is made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
SOURCE Indigo Books & Music Inc.
Melissa Perri, Senior Manager, Public Relations, [email protected]
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