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.
About Indigo Books &
Music Inc.
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.
Forward-Looking
Statements
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.