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.