Tony Nash is stepping back as CEO of Booktopia, saying it's 'time to hand over the leadership reins to someone' who is 'more capable' at the job.
While he will no longer be the CEO, he will remain as Full-Time Senior Executive and Director within the company. His new position will focus exclusively on growth.
Tony Nash said his decision to step aside was in the best interests of Booktopia. Furthermore, this move would give Booktopia the opportunity to ‘balance the demands of complex operations, whilst remaining a high growth business’.
Nash shared in a statement that the business’ development from $10 a day to becoming the leading online book retailer has been ‘an incredibly rewarding journey’.
“As an entrepreneur, my natural talent is making the invisible visible. I look forward to continuing to find ways to grow the business while handing over the duties that come with being the CEO of a larger and listed entity. It’s time to hand over the leadership reins to someone who is more capable than me at that job description. I am genuinely looking forward to working with, and for, the new CEO,” he said.
Booktopia is currently searching for a new CEO and will make announcements in due course. Until then, Nash will remain CEO and will begin the transition of responsibilities once confirmed.
Of this news, Booktopia Chairman Chris Beare explained that this move emphasised Nash’s ‘commitment’ to Booktopia, and the ‘desire’ to see further expansion within the business.
“Tony has an unyielding commitment to Booktopia, its staff and customers, and he has demonstrated this over the last two decades,” he shared. “We look forward to his enthusiasm continuing to drive the company forward in his new position.”
Booktopia’s shares have dipped 24 percent since opening this morning, now at $0.48 a share, dropping from $0.64 a share yesterday. Over a five-day period, Booktopia’s shares have dropped 34 percent.
Power Retail has reached out to Tony Nash for further comment.
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