Barnes & Noble announced today that CEO William Lynch is resigning effective immediately. Lynch, who joined the company in 2009 after leaving a post at the Home Shopping Network, had championed Barnes & Noble’s digital initiatives including the development of the Nook tablet and e-reader. The Nook division has been a consistent drain on the company’s bottom line and Barnes & Noble recently announced that it would stop making the color Nook tablets (see "Nook Dragging Down Barnes & Noble").
Barnes & Noble is not naming a replacement CEO at this time. Chief Financial Officer Michael Huseby will take over as CEO of Nook Media LLC. Huseby joined B&N in March of 2012 after leaving a similar post at Cablevision. Controller Allen Lindstrom will become the new CFO and Deadline reports that Max Roberts, the CEO of B&N’s college division will continue as head of the company’s digital education strategy and report to Huseby. Huseby and Mitchell Klipper CEO of Barnes & Noble Retail Group will both report to B&N Executive Chairman Leonard Riggio.
Barnes & Noble shares dropped 4.6% in after hours trading once news of the executive changes was released.
Lynch Championed the Nook
Posted by ICv2 on July 8, 2013 @ 10:33 pm CT
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