This was published 2 years ago
‘Better rather than bitter’: Booktopia founder defends his legacy after sacking
By Sarah Danckert
Recently departed Booktopia chief executive Tony Nash has taken to social media to defend his legacy after being ousted by the board of the company he founded and asked to serve his notice period away from the office.
In a fresh LinkedIn post from late Thursday, Nash said he was looking forward to a holiday after he was given his notice by the Booktopia board this week. The move came after an investigation by this masthead into problems at Booktopia, which has suffered a steep decline in its share price and market value over the past year.
Booktopia CEO Tony Nash in happier times.Credit: Steven Siewert
“Today I got terminated by the Booktopia Board. FYI this is the same company that I co-founded 18 years ago.”
“I am now on gardening leave for 6 months. After running my own companies and paying myself a salary for 26 years I am now on a forced break. That’s a bit freaky for an obsessive entrepreneur.”
Nash declined to comment when contacted by this masthead on Friday. Booktopia has appointed chief financial officer Geoff Stalley as an interim CEO as it hunts for a new boss.
Booktopia said on Thursday it had given Nash his notice because it was in the best interests of the group to enable the group’s new CEO to have a fresh start.
Sources close to Booktopia who declined to be named due to the sensitivity of the company’s current situation brushed off suggestions that Nash’s departure came after he had voiced his intention to return to the CEO role despite announcing he would step down into the role of chief growth officer
Several sources aware of the company’s thinking but unable to comment for contractual reasons said Nash’s position at Booktopia had become untenable after two articles in The Age and Sydney Morning Herald in late June about the company’s problems and Nash’s response to the piece on LinkedIn.
The first piece was an investigation into the group’s troubled 18 months as a listed company and how Booktopia had fallen out of favour with institutional investors. At the time of that piece, Booktopia’s market capitalisation had tumbled from around $400 million to just $24 million.
A second piece, which revealed Nash’s reaction to the piece on LinkedIn, including his response to The Age and Herald investigation that had referred to Booktopia as a “villain” in the eyes of investors.
“I don’t like being the villain in the investment community. There’s nothing fabulous about that.” Nash told his connections on the social media platform.
The sources said Nash’s post had riled the board which had already agreed to a communications strategy in regards to questions about the group’s performance.
Nash is expected to remain a director of the company. He also retains a 14 per cent stake in the firm.
Booktopia’s shares rose 3 per cent to 32¢ on Friday. That rise followed a 6 per cent gain on Thursday, when Nash’s sacking was announced. Booktopia is also conducting a review of its business, including a cost reduction program that has also included a round of redundancies across the business.
Nash’s new LinkedIn post this week acknowledged the support he had received following the board’s announcement on Thursday.
“RUOK? Thank you to everyone from far and wide who has messaged me… I am OK. I really am OK.”
“Actually I’m feeling pretty awesome, relaxed and excited about the future.”
Nash, who is active on the public speaking circuit, said he would be adding a new slide to his presentation for his keynote speech. “I have a new slide Bitter V Better. Our choice. I choose to be Better rather than Bitter.”
He signed off: “Entrepreneurs rock!”
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