Barnes and Noble CEO William Lynch Resigns Admist Continued Quarterly Losses
Being in charge of a brick-and-mortar bookstore chain in this day and age of digital media is no easy task. If you don't want to take our word for it, then ask William Lynch, the former Chief Operating Officer (CEO) of Barnes & Noble who on Monday resigned from his position effectively immediately. He's also stepping down as the company's director.
Lynch parts ways with B&N following a three-year stint with the company during which time the transition from offline to online sales has been rocky at best. When talking about the tablet category, most of the attention is paid on Amazon's Kindle Fire line and Apple's iPad family, while sales of B&N's Nook tablets saw a 34 percent decline in the most recent quarter.
"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."
Stepping into Lynch's shoes is former Chief Financial Officer Michael Huseby, who will now serve as both CEO of Nook Media and President of B&N. Huseby has his work cut out for him. In B&N's most recent financial quarter, the company posted $118.6 million loss, or almost double of the previous year.
Lynch parts ways with B&N following a three-year stint with the company during which time the transition from offline to online sales has been rocky at best. When talking about the tablet category, most of the attention is paid on Amazon's Kindle Fire line and Apple's iPad family, while sales of B&N's Nook tablets saw a 34 percent decline in the most recent quarter.
"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."
Stepping into Lynch's shoes is former Chief Financial Officer Michael Huseby, who will now serve as both CEO of Nook Media and President of B&N. Huseby has his work cut out for him. In B&N's most recent financial quarter, the company posted $118.6 million loss, or almost double of the previous year.
