Booktopia directors quit after ousted boss Nash's board change demand

The independent directors of Australian online retailer Booktopia have quit following ousted co-founder Tony Nash’s demands for change on the board, effectively leaving the one-time chief executive officer in control.

Nash resigned as c.e.o. in May after a poor third quarter. He was expected to remain in place until a successor was found and had intended to stay on in an executive role overseeing the group’s strategy, but in July the board gave Nash notice to step away and said he would serve his six-month notice period “out of the office”.

Last month, Nash struck back, using his substantial shareholding to requisition a shareholder meeting to remove two non-executive directors, including chairman Chris Beare.

In a statement on 20th September, Booktopia said its remaining four independent directors had now resigned after discussions with Nash about board composition failed to find a resolution. “The two priorities for these discussions have been having a quality independent board and ensuring a good transition and stability for the company,” the company said.

Booktopia added three of the resigning directors would remain in place until the firm’s annual general meeting on 28th November. These include long-standing chairman Beare who will step down when his successor is appointed. 

In a separate statement, Nash said he would remain as non-executive director but would not resume an executive role. The company would now look for new non-executive directors with one being appointed chairman.

Nash said: “The recruitment of a new c.e.o. is progressing well, and the resolution of recent board issues is expected to assist in this process.

“Booktopia is bestowed with a talented leadership team that have been empowered to meet the future plans for the business. We are looking to complement them by recruiting an equally capable c.e.o. and new independent non-executive directors.

“I am looking forward to working with the new directors and supporting the new c.e.o. to ensure Booktopia reaches its full potential.

“Booktopia is an iconic Australian company. It’s been a David and Goliath story. No other country in the English speaking world, other than Australia, has a significant alternative to Amazon when it comes to selling books online.”