Fresh developments in the ongoing boardroom saga for online retailer Booktopia has seen four independent directors of online book retailer Booktopia depart their posts, resigning following founder and former CEO Tony Nash’s bold push to squeeze out some of the company’s directors.
The news follows Nash’s being forced to step down from his role as CEO in July, following a challenging period for the online retailer resulting in more than $400 million evaporating from its value, with share prices for Booktopia losing 90 percent of their value over the last 12 months.
Even with the sudden changes in Booktopia’s boardroom, Nash suggests he has no plans to return to the role of CEO, turning his attention to overseeing transitions for the online book retailer and a hopeful return to stability for the company.
“I intend to remain as a Non-executive Director of Booktopia and will not be resuming an executive role with the company. The company will now undertake a search for new Non-Executive Directors, one of which will be appointed Chairman,” Nash said in a statement, “The recruitment of a new CEO is progressing well, and the resolution of recent Board issues is expected to assist in this process.”
Despite the turbulence, Booktopia’s share price value has stabilised somewhat in recent weeks, with annual revenue increasing for FY22 alongside a slight improvement in net profit results for the same period according to ASX market results.
The founder and 14 percent shareholder, Booktopia’s Tony Nash utilised his sizable stake in the company last month to call for a general meeting aimed at removing some of the company’s directors, as the company’s introduction to the ASX in late 2020 has failed to see the positive growth hoped for by the company’s leadership.
“The transition from a private to a public company is never easy and I would like to thank the outgoing Board members for their contribution to the business over the last few years,” Nash said, “I will continue to work with the Chairman and ongoing Directors to ensure a smooth transition to a new Board.”
“I am looking forward to working with the new Directors and supporting the new CEO to ensure Booktopia reaches its full potential.”
Share prices for Booktopia closed last night at 25 cents.
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