Barnes & Noble CEO resigns as company struggles

  @jtotoole July 8, 2013: 6:51 PM ET
william lynch

Outgoing Barnes & Noble CEO William Lynch shows off the company's NOOKcolor device at an event in 2010.


Barnes & Noble announced Monday that CEO William Lynch has resigned, as the ailing bookseller struggles to find its place in a rapidly changing industry.

Lynch is departing after a three-year tenure in which Barnes & Noble was battered by the shift away from brick-and-mortar bookstores to e-commerce and digital products.

The company has tried to compete in the tablet market with the likes of Amazon's (AMZN, Fortune 500) Kindle and Apple's (AAPL, Fortune 500) iPad, but sales of its Nook tablets have disappointed, falling 34% in the most recent quarter.

Overall, Barnes & Noble (BKS, Fortune 500) reported a quarterly loss last month of $118.6 million, nearly double its loss from a year prior. Revenue fell 7.4% to $1.3 billion.

Related: Amazon's (not so secret) war on taxes

Lynch's resignation is effective immediately. Barnes & Noble spokeswoman Mary Ellen Keating said Monday that the company "is in a transition period, so we have we have no immediate plans to name a new CEO."

Chief Financial Officer Michael Huseby has been appointed president of Barnes & Noble Inc. and head of the company's Nook division. Huseby and Mitchell Klipper, head of Barnes & Noble's retail division, will report directly to the company's executive chairman, Leonard Riggio.

Barnes & Noble shares sank 4.3% in after-hours trading Monday. To top of page

Join the Conversation
CNNMoney Sponsors
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.