Indigo Books Shares Slip With Retirement of Executive Chair, Departure of Directors

By Robb M. Stewart

Indigo Books & Music's shares were under pressure Wednesday with the planned exit of founder and Executive Chair Heather Reisman and departure of several directors.

In late morning trading, the shares were 0.5% lower, at 1.94 Canadian dollars (US$1.45), underperforming the main stock index in Toronto, which was little changed. The shares are now down 0.5% year-to-date.

Indigo said Reisman would retire and step down effective Aug. 22.

Additionally, Frank Clegg, Howard Grosfield, Anne Marie O'Donovan and Chika Stacy Oriuwa have each stepped down as directors, the company said. According to Indigo's website, it had 11 members on its board, including Reisman and Chief Executive Peter Ruis.

Indigo said that Oriuwa indicated she was resigning because of a loss of confidence in board leadership and because of alleged mistreatment. A statement from Indigo offered no further detail, and said the company thanked each of the departing directors for their contributions during their tenure on the board.

Write to Robb M. Stewart at [email protected]

These real-estate investment trusts are expected to generate more cash to support dividends for at least the next two years.

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