Barnes & Noble said on Monday that William Lynch stepped down as CEO, effective immediately, a few weeks later, the book retailer said sales were weak, big losses, declining popularity Nook electronic reader.
Lynch resigned after just three years in the role. No successor named, but the New York-based company said it is reviewing its strategic plan that will provide the latest "at the appropriate time." After-hours trading shares fell nearly 5 percent of the news.
After he left, Chief Financial Officer Michael · Huseby will become the company's president and chief executive officer of its Nook media outlets. Controller Allen Lindstrom will take over as Chief Financial Officer Huseby. Huseby and Mitchell Klipper's, Barnes & Noble Retail Group CEO, will report directly to Renner Delhi Gio, the company's chairman and largest shareholder, with nearly 30% of the shares.
Riggio through company spokesman declined reporters.
The news did not make some analysts by surprise.
"The board Lynch lost confidence, investors lose confidence," Bei Lushen Capital Markets analyst Brian Sozzi said Monday. He said Lynch does not have a clear plan in the final after the earnings conference call, Barnes & Noble has released a large quarterly loss and said that, as of April 30, 2010 Three months ended sales plummeted. Stores open at least a year's revenue fell 8.8 percent, the overall retail sales, including Barnes & Noble bookstores and online sales fell 10 percent, partly due to store closings.
In addition, the company announced it would stop making its own Nook Color touch-screen tablet computer, because they could not keep up with competitors.
Barnes & Noble has been trying to find their place, as more and more e-book readers are transferred to and from discount stores and online competitors in the growing competition. The company in 50 states and 686 college bookstores 675 bookstores, has been trying to avoid its former rival Borders Group, which did not adapt to the Internet and the growing threat of e-books, and in the fate of 2011 closed
So, Barnes & Noble has invested large sums of money to develop its Nook devices to keep up with changing reading habits, and beat back retailers such as Amazon.com, which makes the popular Kindle reader, Apple's ipad competition.
The company hired Merrill Lynch from HSN Home Shopping Network online business as its president in February 2009. There, he expanded the company's digital products and help start the corner. Lynch, served as an executive of Palm, Inc., a Barnes & Noble CEO, March 2010
Last month, the company said it intends to continue to make more basic, black and white e-reader, but will be manufactured by third-party flat farming. Lynch did not provide how the partnership will work tablet specific circumstances, but it was said that the company is in discussions with "interested parties a lot." Some speculated that Microsoft, which has a 6.8% stake in the corner of the unit, can offer to buy it outright.
Bad results troubled investors, who sent shares fell sharply. Since then, the company's share price has recovered a little, on Monday to close $ 17.66.
Michael Norris, senior analyst, consumer media and Simba IT, Merrill Lynch on Monday described as "very smart and optimistic fault." But he said that Merrill Lynch "never enough."
Norris said that Barnes & Noble has created a better in-store browsing experience more closely associated with the integration of e-books. For example, consumers should be able to scan their phone and in the store to buy a book.
"They do not see the store as an asset, not a liability," he added.
In February this year, Riggio was disclosed in a regulatory filing that he wanted to buy the company's stores and Web sites, but not the business, so that the corner of the readers. Sozzi and other analysts said on Monday, in fact, the company has not appointed a successor Lynch raised Riggio will boost the possibility of privatizing the company.
 



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