Tony Nash has been ousted from the Booktopia Board, taking a six-month break. The news broke by Nash himself on LinkedIn late on Thursday evening.
Nash shared the news on LinkedIn in a lengthy post.
“Today I got terminated from the Booktopia Board,” he began. “FYI, this is the same company that I co-founded 18 years ago.”
The co-founder of Booktopia will now be on self-described ‘forced’ ‘gardening leave’ for six months. “After running my own companies and paying myself a salary for 26 years I am now on a forced break,” he said.
Of the news, he thanked all those who had reached out to him and shared their concerns. He said that this was his ‘R U OK? Day’. “Thank you to everyone from far and wide who has messaged me, emailed me, called me via Phone, LinkedIn, SMS, FB, email, etc. to check in if I am OK. I really am OK,” he said.
According to Nash, he is feeling “pretty awesome, relaxed and excited about the future.”
Booktopia is a leading online book retailer that was famously built on a $10-a-day budget in 2004 by Tony Nash, his brother, Simon and brother-in-law Steve Traurig.
The business now generates revenue of $240 million, but has experienced a rollercoaster ride on the stock market since listing in late 2020.
Nash stepped down from the role of CEO in May 2022, a decision he made six months prior. “I mentioned to my Chairman and one of the Directors almost six months ago that this could be a good option to bring on a CEO,” he told Power Retail.
“The Board decided that having me and a new CEO as part of the Executive Leadership Team in the organisation puts us in a much more resilient position. “It addresses succession planning considerations and many other opportunities.”
Over the last few months, Booktopia was the worst performer on the ASX E-Com 200, with some media outlets dubbing Nash the ‘villain‘ of the industry.
However, Booktopia’s performance has started to recover, driving the growth in the ASX E-Com 200 this week.
Its shares currently are down 4.65 percent, remaining stagnant following a triumphant climb early in the week.
For now, Nash will remain in the garden upon orders. “As I said they have ordered me to spend time in the garden…” he said. “So if I am not on my ride on mower I would love to hear from you. Reach out and let me know what you are up to.”
“For those that have attended my keynotes. I have a new slide Bitter V Better. Our choice. I choose to be Better rather than Bitter,” he continued.
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