Tattered Cover's board of directors announced the independent bookstore chain is losing its latest CEO, Kwame Spearman -- for another possible run at political office.
Spearman was a candidate for mayor. He made the ballot but stepped down shortly before the election. And now he's weighing whether he should run for an at-large seat on the embattled Denver School Board.
"There is in many ways an absence of leadership, and we are not focusing on pragmatic, reasonable solutions, and the output is hurting our kids," Spearman said. "And we've got to change that. We've got to change that. And I think we need someone who's willing to have honest truthful conversations about the direction of the district and help the superintendent come up with plans that help our kids. We're just not we're just not doing that right now."
Spearman's ownership level of Tattered Cover is not changing, though.
He took over the shop in early 2021, along with a crew of investors, hoping to save it from economic collapse. While his first year was rocky, with worker dissatisfaction, he and his team have expanded the chain, and thus far, kept it afloat.
He's decided to step down as the head of Tattered Cover, in part, to pursue his political ambitions.
"I am not changing my ownership with the business or my involvement with the business," Spearman said. Whether he will secure a seat on the company's board is "TBD."
During Spearman's run for office, his law-and-order politics often raised ire from longtime Tattered Cover readers who threatened to boycott the store.
"There was definitely angst I'd say directed at Tattered Cover in social media," he said. "And that did not result in a decrease in sales."
How are sales?
"We're continuing to be an independent bookstore," Spearman said. "The marker I always go after is are we still operational. The answer is yes. We're still making payroll, and there's still books."
He anticipates that will continue.
"We thank Kwame for his time as our CEO, and for all his efforts to expand and improve the Tattered Cover," the Board wrote customers. "We wish him well in all his future endeavors!"
Margie Keenan, the company's chief financial officer who served as interim CEO in Spearman's absence, will stay at the helm as the company looks for a new leader.
Whoever takes the position will have a tall order: keeping a community institution hit by the pandemic alive into the future.
"While leadership changes are never easy, we are excited to embrace the opportunities and experiences that this new chapter brings," the board wrote.
