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 ( Kindle and )Apple's ( iPad, but sales of its Nook tablets have disappointed, )falling 34% in the most recent quarter.
Overall, Barnes & Noble ( 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. )
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.