Tuesday, July 9, 2013

Barnes & Noble CEO resigns!

Barnes & Noble Inc. said Monday that William Lynch has stepped down as CEO, just weeks after the book retailer announced weak sales, big losses and the declining popularity of its Nook e-readers. Just like Groupon CEO Andrew Mason. No successor was named.

Chief Financial Officer Michael Huseby will become president of the company and CEO of its Nook Media unit.

"The board lost confidence in Lynch. Investors lost confidence,'' Belus Capital Markets analyst Brian Sozzi said Monday.

The company also announced that it would stop making its own Nook color touchscreen tablets because they failed to keep up with competitors.

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