Barnes & Noble Taps Sears Canada Chief To Lead Soon-To-Be Spun Off Retail Business

As Barnes & Noble prepares to split into two separate firms, the ailing bookseller announced earlier today (July 2) that it has chosen Sears Canada Inc. Chief Executive Ronald D. Boire as the new head of its retail business.

Boire’s selection follows B&N’s February announcement that it is spinning off its education arm — a plan that replaced a corporate move to separate from its e-reader business. The Nook – B&N’s answer to the Kindle – remains part of the core retail group, which also retains control of the company’s online sales.

Boire has a long track record as the top man to take over struggling retailers. He has served as merchandising chief for both Sears and Kmart. He’s also worked as chief executive of Brookstone, and held top merchandising roles for Toys “R” Us and Best Buy.

Boire will receive a base salary of $1.2 million and as of 2017 will be eligible for an annual bonus that will be at least 200 percent of his base salary.

Boire’s exit to Barnes & Noble comes quickly after signing on at Sears, where he was appointed to CEO in January after serving in the role on an interim basis for about three months.

Barnes & Noble’s current chief executive, Michael Huseby, will remain CEO until the split up is completed toward the end of August. Huseby joined the company in 2012 from the cable-TV industry and became CEO in January 2014.

In September, Huseby will become executive chairman of Barnes & Noble Education, which will have separate board. Jaime M. Carey, Barnes & Noble’s merchandising chief,  has been promoted to chief operating officer, effective immediately.