Just like football managers, plenty of CEOs get the sack. But few companies openly admit that’s what they are doing. In Britain announcements that a disgraced boss is leaving normally talk about them ‘moving on’ or a ‘mutual decision to leave’. They’re often accompanied by a list of pretty insignificant achievements the departing boss had at the company or insist they have steadied the ship but now is the time for someone else to take over.
Departing Barnes & Noble boss Ron Boire wasn’t lucky enough to be extended the same courtesy. In an unusually terse SEC filing last night the book seller said, ‘The Board of Directors determined 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.’ In other words, 'book off, Ron'.
Who knows what kind of bust up must have inspired that. It must have been pretty short notice given that the firm’s chairman, Leonard Riggio, is cancelling his planned retirement next month to keep things ticking over until a replacement is found.
The unceremonious departure seems especially harsh given the company’s share price has soared more than 50% this year (after falling sharply in 2015). Then again working in an industry that faces a massive existential threat in the form of Amazon is enough to make anyone a bit ratty.
Image source: Cognizant Technology Solutions