Barnes & Noble CEO resigns amid management shuffle
New York -- Barnes & Noble CEO William Lynch has resigned, effective immediately. The company said it has appointed Michael P. Huseby as CEO of Nook Media and president of Barnes & Noble. He had served as the company’s CFO since 2012.
Lynch, a technology veteran, took the reins of Barnes & Noble in 2010, and was a driving force in the chain's transition into digital and the expansion of its Nook line of tablets. No reason was given for his departure.
“I appreciate the opportunity to serve as CEO of this terrific company over the last three years,” Lynch said in the release. “There is a great executive team and board in place at Barnes & Noble, and I look forward to the many innovations the Company will be bringing to its millions of physical and digital media customers in the future.”
The changes comes after Barnes & Noble reported declining sales at its bookstores in the latest quarter and its Nook e-book devices pushed it to a net loss that more than doubled from a year ago.
In other changes, Allen Lindstrom, VP and the company’s corporate controller, has been promoted to CFO.
Max J. Roberts, CEO of Barnes & Noble College will continue to lead the digital education strategy and report to Huseby, as will the executive management team of NOOK Media. Huseby and Mitchell Klipper, CEO of the Barnes & Noble Retail Group, will report directly to Leonard Riggio, executive chairman of Barnes & Noble.
In a statement, Riggio said that the company is reviewing its current strategic plan and will provide an update when appropriate.
"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.