Barnes & Noble’s CEO got the boot on Tuesday.
In a press release, Barnes & Noble said that its board of directors determined CEO Ronald Boire “was not a good fit for the organization, and that it was in the best interests of all parties for him to leave.”
The shake up comes even as Barnes & Noble shares have performed surprisingly well. The company’s stock is up 53.6% so far this year.
Boire, formerly the CEO of Sears, took the helm of the book seller in September 2015.
He arrived at a tumultuous time, thanks to the rise of tablets and online retailers like Amazon. All of Borders stores were shuttered after it declared bankruptcy in 2011.
Boire’s duties will be assumed by Barnes & Noble’s executive chairman, Leonard Riggio and other members of the company’s board.
Riggio was scheduled to retire in September, but said he will postpone those plans until a new CEO is named.
Despite the abrupt leadership change, Barnes & Noble said it doesn’t intend to adjust its near-term plans, and “will continue to execute on its previously announced strategic initiatives.”