Barnes and Noble CEO Steps Down

Barnes and Noble has announced today a slew of major executive changes for the top management positions in the company. William Lynch has resigned as Chief Executive Officer and Director of the Company effective immediately. He will be replaced by Michael P. Huseby, who has been appointed Chief Executive Officer of NOOK Media LLC and President of Barnes & Noble. Mr. Huseby joined Barnes & Noble as Chief Financial Officer in March 2012, and has led the company's financial organization since that time. Prior to joining Barnes & Noble, he had a distinguished career in the media communications industry, having most recently served as Executive Vice President and Chief Financial Officer of Cablevision Systems Corporation, a leading telecommunications and media company. Mr. Huseby also served in leadership positions at Charter Communications, Inc., the fourth largest cable operator in the U.S, as well as AT&T Broadband, a provider of cable television services. The company also announced that Allen Lindstrom, Vice President and the Company's Corporate Controller, has been promoted to Chief Financial Officer of Barnes & Noble, Inc. Kanuj Malhotra, Vice President of Corporate Development, has been promoted to Chief Financial Officer of NOOK Media LLC. The main reason William is stepping down is due to the declining revenues of the online digital content sales at Nook Media and sagging bookstore sales. Barnes and Noble basically has to turn its fortunes around and its last investors call seeks to do just that. The main changes in the immediate future are to suspend development of the line of tablet computers and start licensing out the app store to 3rd parties. The company will continue to develop and market lower cost e-readers, because the overhead is quite low. B&N also plans to shut down a number of bookstores by 2016 across the US. "I appreciate the opportunity to serve as CEO of this terrific company over the last three years," said William Lynch. "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 and Noble CEO Steps Down is a post from: E-Reader News

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