Barnes & Noble signs CEO to new employment pact
New York -- Barnes & Noble Inc. signed an employment agreement with CEO William Lynch to remain in his post for another two years, according to a filing with the U.S. Securities and Exchange Commission.
Lynch will receive the same compensation and benefits as before, but get an additional cash bonus of $1.8 million for his role in attracting investments from Microsoft Corp. and Pearson PLC in forming Nook Media LLC, according to a Reuters report.
The agreement follows the news last February that Barnes & Noble chairman Leonard Riggio planned to make an offer for the company’s main retail business, but not its Nook and e-book business. The new agreement provides Barnes & Noble with the right to assign Lynch as chief executive of Nook and the e-book business if the company is separated.