Barnes & Noble CEO William Lynch Resigns

(RTTNews) - Barnes & Noble Inc. (BKS) Monday said its Chief Executive Officer William Lynch has resigned, effective immediately.

Barnes & Noble, currently under pressure on declining sales as well as dismal performance of its Nook tablets, said it is in "process of reviewing its current strategic plan and will provide an update when appropriate."

Lynch's resignation comes just weeks after the New York-based bookstore chain reported a wider loss in the fourth quarter, as revenues dropped significantly with comparable store sales down about 8.8 percent. The company had also indicated plans to stop manufacturing its Nook tablets and to partner with electronics manufacturers. Barnes & Noble expect comparable bookstore sales to decline for the full year.

Barnes & Noble also appointed its Chief Financial Officer Michael Huseby as President of the company and Chief Executive Officer of Nook Media LLC. Max Roberts, CEO of Barnes & Noble College, and the Executive Management team of NOOK Media will report to Huseby. Huseby and Mitchell Klipper, CEO of the Barnes & Noble Retail Group, will report directly to Chairman Leonard Riggio, the company said in a statement.

The company also promoted Allen Lindstrom, Vice President and Corporate Controller, to the position of CFO of the company. Kanuj Malhotra, Vice President of Corporate Development, has been promoted to CFO of NOOK Media LLC.

Chairman Leonard Riggio said, "As the bookselling industry continues to undergo significant transformation, we believe that Michael, Mitchell and Max are the right executives to lead us into the future."

BKS closed Monday's trading at $17.66, down $0.02 or 0.11%, on the NYSE. The stock further slipped $0.72 or 4.08% in after hours trade.