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Barnes & Noble CEO William Lynch resigns from bookseller

July 08, 2013|By Tiffany Hsu
  • Barnes & Noble Inc. Chief Executive William Lynch resigns. The bookseller did not offer a reason.
Barnes & Noble Inc. Chief Executive William Lynch resigns. The bookseller… (Jae C. Hong / AP )

Barnes & Noble Inc. Chief Executive William Lynch resigned Monday from his post, the nation’s leading bookseller said.

His departure is effective immediately. He also stepped down from the Manhattan company’s board of directors.

The retailer declined to offer a reason for his exit, saying it would not comment beyond its initial news release.

Executive Chairman Leonard Riggio said in a company statement that Barnes & Noble  -- which has 675 B&N bookstores in 50 states -- continues to review its strategic plan and will offer an update when appropriate.

Michael P. Huseby, who became chief financial officer in March 2012, was appointed president of Barnes & Noble and chief executive of its Nook Media subsidiary. The division sells Nook e-book readers.

Max J. Roberts, chief executive of the Barnes & Noble College unit, will head up the company’s digital education strategy and will report to Huseby. The College Booksellers business operates 686 bookstores

Huseby and Mitchell Klipper, chief executive of the Barnes & Noble Retail Group, will be overseen by Riggio.

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“As the bookselling industry continues to undergo significant transformation, we believe that Michael, Mitchell and Max are the right executives to lead us into the future,” Riggio said in a statement.

During the retailer’s 2013 fiscal year, which ended April 27, revenue slumped 4% to $6.8 billion from $7.1 billion a year earlier. The company’s net loss widened to $154.8 million, or $2.97 a share, from $65.6 million, or $1.35 a share, a year earlier.

Riggo thanked Lynch “for helping transform Barnes & Noble into a leading digital content provider and for leading in the development of our award-winning line of NOOK products.”

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