/// Barnes & Noble CEO William Lynch Resigns Amid Strategic Review
Barnes & Noble announced late Monday that CEO William Lynch had resigned , as the one-time book giant faces mounting challenges as the digitization of books proliferates. The company did not name a replacement in title, but said that CFO Michael Huseby would become CEO of Nook Media and president of Barnes & Noble. He and Barnes & Noble Retail Group CEO Mitchell Klipper will report to Executive Chairman Leonard Riggio. “As the bookselling industry continues to undergo significant transformation, we believe that Michael, Mitchell and Max [Roberts] are the right executives to lead us into the future,” Riggio said in a statement. Barnes & Noble said in the announcement that it was undergoing a “strategic review” of its business. Two weeks ago, the company said it would stop manufacturing color versions of its Nook e-reader, instead outsourcing the work to a third party. Nook sales dropped 34 percent in the company’s fiscal fourth quarter. The stock was down about 2 percent in after-hours trading to $17.33.
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Barnes & Noble CEO William Lynch Resigns Amid Strategic Review