Barnes & Noble Fires CEO Less Than 12 Months After Hiring Him
Swift Termination
Barnes & Noble terminated the services of its CEO, Ron Boire, the company announced Tuesday less than 12 months after hiring him.
Fortune reported that before getting fired Boire announced to Wall Street analysts in July his plans for Barnes & Noble which included opening concept bookstores that will serve wine and beer and top class food.
Unusually Harsh Words
Barnes & Noble had harsh words for the departing CEO stating in a press release published by Fortune that "Mr. Boire was not a good fit for the organization and that it was in the best interests of all parties for him to leave the Company."
The acerbic comments of Barnes & Noble was viewed by the business community as unusually sharp given the prestige and rank of Boire. Corporate America often treats its formers CEO with respect despite performing poorly but Boire's work apparently did not sit in well with the company's board.
Boire, who was hired last September 2015, formerly worked as a CEO of retailer Brooktone which filed for bankruptcy right after he left.
Foreboding times for Barnes & Noble
The CEO's firing signal foreboding times for Barnes & Noble which is still in the throes of turning around its bookselling business after getting its revenue and profit slaughtered by the rise of eBooks.
Barnes & Noble's is aiming to push the growth of its printed media business by taking advantage of a recent decline in global e-books sales.
The company has diverted resources away from its Nook e-reader business and spun off its college bookstore division as a separate business entity but would still be owned by Barnes & and Noble.
The company's comparable-store sales year on year for the 2016 fourth quarter fiscal period that ended in April declined by 0.8% . The company has strong hopes that sales figures will rise in
Founder Delays Retirement
Leonard Riggio, the founder of Barnes & Noble, delayed his retirement which was supposed to be in September 14 and decided to stay as Executive Chairman.
