Indigo Books & Music Inc. founder Heather Reisman says she returned to the role of CEO at the Canadian books retailer after succession plans took a wrong turn. 
 
In an exclusive interview with BNN Bloomberg’s Amanda Lang, Reisman said she decided to return to the top job when she realized the bookstore chain was losing its authentic connection to its loyal customers, while its finances went off track.
 
“I'm back because notwithstanding everybody's best intentions, Indigo took a journey off brand,” she said in the interview set to air on Friday.
 
‘SUCCESSION IS REALLY HARD’
 
Reisman had been winding down her involvement in the company, departing as chief executive in September 2022 and leaving the company’s board this summer.
 
But last month, the company announced Reisman was back in the CEO chair and on the Indigo board after the abrupt departure of her successor, Peter Ruis.
   
Reisman told Lang that she had intended to move on, but she learned tough lessons about succession and the challenges of picking the right person to take over leadership of a beloved brand like Indigo.
 
“It turns out succession is really hard, and especially when it's succession in a brand that is so deeply embedded in the hearts of Canadians, and in my own heart, obviously, as the founder,” she said.
 
“Everyone was doing their best. I was doing my best on succession. The leadership I brought in, of course, came to do the best that he could do. But the net result is, we lost sight of who we are and what our commitment is to customers.”
 
BRAND IDENTITY
 
Reisman said she began to notice products being sold in Indigo stores that she felt did not fit the brand customers had aligned with for over two decades, such as pricey barbecues and vibrators.
 
At that point, she said, she realized the bookstore had lost sight of its brand identity.
 
“The customers knew and know,” she said. “It was both clearly taking the business the wrong direction and financially very much showing.”

Reisman said the business could have been sold – and was even approached by buyers – but she decided against it over a sense of duty to the company she created.

“It was time to make a decision. I could have said, 'Let me just sell the business.' We'd been approached, but I couldn’t,” she said. 

“It matters to me. And I think it matters to everybody in this industry. I was entrusted and now I owe something back.”

While she has no immediate plans to step aside, Reisman said she has realized she overlooked the importance of choosing a successor who feels a deep passion for books and storytelling. Whoever ultimately takes over for her as CEO “has to feel the brand in every inch,” she said.
 
“Whoever comes (next) has to understand that (what) we are at our heart and soul, and the core, is about the books, the stories, the writers,” she said.
 
BOOKS WILL BE A FOCUS
 
Reisman said she is now focused on bringing back the Indigo she carefully curated for its devoted customers, in what she predicted will be a long journey of at least a year.
 
“We will do this with our customers. The customers will see step by step that the core of this business is going to come back as quickly as I can move it,” Reisman said.
 
“Books will move to the centre.”
 
The full Taking Stock interview with Reisman will air on Friday, Oct. 13 at 6 p.m. on BNN Bloomberg, 9 p.m. on CP24 and 10:30 p.m. on CTV News Channel