Barnes & Noble CEO Resigns9 Jul, 2013 By: Chris Tribbey
Barnes & Noble CEO William Lynch resigned from the company late July 8, following a major fiscal 2013 fourth-quarter loss and the retailer’s announcement that it would scale back its Nook tablet business.
“I appreciate the opportunity to serve as CEO of this terrific company over the last three years,” Lynch said in a statement. “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.”
Barnes & Noble reported a quarterly loss of $118.6 million June 25, and also announced it would stop making its Nook color tablet. Overall company revenue for the quarter was down more than 7% to $1.3 billion, the company’s Nook division saw its sales down 34% to $108 million, and digital content sales were down nearly 9%. The company had a net loss of 16 retail stores in fiscal 2013.
In late September 2012, Barnes & Noble launched its Nook Video store, joining the ranks of UltraViolet retailers by offering titles enabled by the buy once, play anywhere digital, cloud-based content ownership service.
The retailer did not immediately appoint a replacement for Lynch.
“We thank William 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 …,” company chairman Leonard Riggio said in a statement.
Along with Lynch’s departure, Barnes & Noble announced it was upping CFO Michael Huseby to president of Barnes & Noble and CEO of the Nook Media division. Other executive changes include VP and corporate controller Allen Lindstrom being promoted to company CFO and Kanuj Malhotra, VP of corporate development, being named CFO of Nook Media.