Barnes & Noble CEO William Lynch Resigns

Jul 09, 2013 11:45 AM  By

Barnes-&-NobleWilliam Lynch has resigned from his post as Barnes & Noble CEO effective immediately, according to a release issued by the retailers. The company also said that a replacement has yet to be named.

According the release, several other “organizational changes” occurred at the company, including the appointment of Michael P. Huseby as the CEO of NOOK Media LLC and president of Barnes & Noble, and the promotion of Allen Lindstrom to Chief Financial Officer.

The book retailer has seen some financial difficulty as of late, according to a fiscal report issued last month: fourth quarter consolidated revenues decreased 7.4% to $1.3 billion as compared to the prior year.

The digital portion of the brand, which it calls NOOK, had revenues of $108 million for the quarter and $776 million for the full year, decreasing 34% for the quarter and 16.8% for the year, according to the fiscal report.

The retailer also said last month that while it planned to continue to design e-reader devices it was planning stop making the Nook HD color tablets which were designed to compete against Amazon’s Kindle e-readers.

The retail portion of the brand, which consists of the Barnes & Noble bookstores and BN.com, has also seen financial difficulties this year. According to the fiscal report, the retail brand had revenues of $948 million for the quarter and $4.6 billion for the full year, decreasing 10.0% for the quarter and 5.9% for the fiscal year.

In the release, Barnes & Noble chairman Leonard Riggio said that the retailer was “in the process of reviewing its current strategic plan and will provide an update when appropriate.”