A former executive at e-commerce giant Amazon and US book retailer Barnes & Noble will take the helm at Booktopia (ASX: BKG), stepping into the role left vacant following the resignation of founder Tony Nash last May.
David Nenke will commence as Booktopia CEO on 8 May, bringing with him plenty of experience in the e-commerce space including the last two years working as Barnes & Noble president for digital student solutions and close to 13 years at Amazon where he held a variety of leadership positions.
He will replace current acting CEO Geoff Stalley, who has been in the role since July 2022 after founder and former CEO Tony Nash resigned following a poor set of third-quarter financial results.
His appointment also represents a return to stability for the book retailer which endured a tumultuous 2022 and a boardroom battle that led to the complete rout of non-executive positions with the company’s four independent directors including the chairman tendering their resignations in September last year.
Booktopia chairman Peter George said the company undertook an exhaustive international search to secure the right person to lead the company into the future.
“David was the standout candidate from a very high calibre shortlist. He has hands-on knowledge and extensive experience as a leader in technology-driven e-commerce businesses,” George said.
“We are confident Mr Nenke has the experience, capabilities and attributes to ensure Booktopia reaches its full potential.”
Nenke said he was confident that he would be able to make Booktopia ‘even better’ with the support of the board and senior management.
“Booktopia is a pioneer of e-commerce in Australia and remains a highly respected brand that is trusted by millions of book buyers every year,” Nenke said.
“Steering the business through the post-COVID environment while transitioning to the Next Gen CFC presents a range of challenges and opportunities for the business.
“With the support of the board and the senior management team, I am confident we will be able to make Booktopia even better.”
Nenke will receive $500,000 in fixed remuneration per annum and will be eligible for a number of short-term incentives that could take his annual take-home pay to $1 million.
The reshuffle comes as Book Depository - a UK-based Amazon subsidiary - is set to close today.
Founded in 2004, Book Depository was acquired by Amazon in 2011 - once an online book retailer itself before becoming the global e-commerce giant it is known as today.
It also follows a February announcement from Booktopia of a finance package to support the development of its new customer fulfilment centre (CFC) in Sydney’s west.
The online bookshop told shareholders it secured a $12 million package for its 20,000sqm South Strathfield CFC which is expected to be operational in the second quarter of FY24.
Backers of the package include non-bank lender Moneytech Finance for working capital requirements and AFSG Capital to assist in funding the new CFC fit-out.
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