On Monday, Barnes & Noble Inc's chief executive officer William Lynch announced his sudden resignation. The move could indicate that the struggling bookseller would return to the basics of selling its books through bookstore outlets.
William Lynch became CEO of the company in 2010. The company directed him to take on Amazon.com Inc in the e-book wars. However, he resigned last Monday just after the company reported a slump of revenue in its Nook business. The decrease for the venture company Nook, which Lynch spearheaded and cost Barnes & Noble hundreds of millions of dollars was by 34%. The resignation got investors surprised as Lynch signed a two year renewal of contract in March.
The company is not looking for a replacement for William Lynch. Instead Barnes & Noble named its finance chief officer Michael Huseby to be the CEO of its Nook Media division. The CEO of Barnes & Noble Retail, Mitch Klipper and Husbey would report to the founding chairman of the firm, Leonard Riggio.
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