Barnes & Noble Inc., one of the largest book retailers in the United States, has decided to let go of its Chief Executive Officer Ron Boire.
Boire, 75 years old, had just been working for less than a year for the book retailer giant. This decision by Barnes and Noble to let go of Boire stems from the conclusion of its Board of Directors that it would be best for Boire and the company to separate since Boire is not the right person to compete with Amazon.com Inc. in revamping its status.
It’s a takeover, monopoly and a heist all in one
The company had struggled to compete with Amazon.com Inc. these past years. Amazon is currently United States’ dominant online bookseller. The online seller giant is not the only concern of Barnes and Noble since it is also currently struggling with the resurgence of independent bookstore owners.
Before becoming a Chief Executive Officer for Barnes and Noble, Ron Boire already had a broad range of experience in finance, same day loans and technology under his belt. He had already worked for Best Buy and Sony Electronics. He was also a former Sears executive immediately before becoming the chief executive for B&N.
During his tenure as Chief Executive Officer @ the major US retailer, Boire had planned to revamp the company by increasing the company’s production of non-book merchandise like toys and games. Boire also placed a strong emphasis on the company’s membership program and he empowered store managers to use social media. Before being separated from the company, Boire had already planned to open four new concept stores with restaurants attached. He even brought on another former Sears executive, Michael Ladd, as vice president of stores. The bookstore company still plans on executing the plans of Boire even though he is already separated from the company.
What now for Boire?
As a result of Boire’s separation from the New York-based company, founder Leonard Riggio will have to take over as the company’s acting chief executive. This is contrary to his previous plan of retiring from the executive chairman position. But the other executives of Barnes & Noble will also act as chief executive of Barnes and Noble while the company searches for a new CEO.
Barnes and Noble has gained 54 percent of its shares this year because of the optimism of the people that the major bookstore chain will have a comeback. But before news about Boire was announced to the public, the shares of the company had already fallen by 1 percent to $13.38 during a regular trading in New York.