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B&N.com CEO out
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January 12, 2000: 5:53 p.m. ET
Bulkeley steps down to focus on Net-vestments; Riggo back as temp
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NEW YORK (CNNfn) - Steve Riggio, founder of barnesandnoble.com, returned to the site as vice chairman and acting chief executive officer Wednesday, replacing Jonathan Bulkeley, who resigned to focus on Internet investments.
Company officials said they expect to name a new CEO shortly.
The company said Bulkeley resigned to focus on QXL, a European Internet auction business, where he serves as non-executive chairman, and other Internet investments.
"I am proud to have been part of the growth of this company for the last 12 months, and I believe it is clearly headed in the right direction," Bulkeley said in a news release.
"We believe Steve is one of the most visionary, experienced and capable leaders in the world of e-commerce," said Leonard Riggio, chairman and chief executive officer of Barnes & Noble, Inc. and Steve Riggio's brother.
Steve Riggio was chief operating officer of Barnes & Noble Inc. (BKS), the world's No. 1 bookseller, when he developed the concept for the barnesandnoble.com. Barnes & Noble and German media giant Bertelsmann A.G. each own about 41 percent of the company's stock. The site was launched in May 1997.
Last week the company announced that its fourth quarter sales had tripled to $81.5 million.
Shares of barnesandnoble.com (BNBN) fell 5/8 to 15-7/16 Wednesday. 
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Barnes & Noble
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