Fortune 500 company, Barnes & Noble, declared on Monday July 8th that its CEO and director, William Lynch, has stepped down from his post. The former CEO and director of Barnes & Noble joined the company three years ago in March 2010, when he was given the task of helping the corporation change its business of selling books and bring it into the mobile and internet age. After giving his resignation, Lynch said in a statement that, “I appreciate the opportunity to serve as CEO of this terrific Company over the last three years. There is a great executive team and Board in place at Barnes & Noble, and I look forward to the many innovations the Company will be bringing to its millions of physical and digital media customers in the future.”
It is noteworthy to mention here that Lynch’s departure from Barnes & Noble was a part of a big reshuffle in the company that according to TNW has brought following changes in the organizational structure of the Fortune 500 company:
“- Michael P. Huseby has been appointed CEO of Nook Media and President of Barnes & Noble.
– Max J. Roberts, CEO of Barnes & Noble College will continue to lead the digital education strategy and report to Huseby, as will the Executive Management team of Nook Media.
– Huseby and Mitchell Klipper, CEO of the Barnes & Noble Retail Group, will report directly to Leonard Riggio, Executive Chairman of Barnes & Noble.
– Allen Lindstrom, Vice President and Corporate Controller, has been promoted to CFO of Barnes & Noble and will report to Huseby.
– Kanuj Malhotra, Vice President of Corporate Development, has been promoted to CFO of Nook Media.”
Barnes & Noble brought these changes in its organizational structure just two weeks after the company made it known that it will not produce Nook tablets any more. Now the company is looking to make multifunctional and colourful tablets that it has developed with a brand new partnership model.
Leonard Riggio, Chairman of the company said that, “We thank William Lynch for helping transform Barnes & Noble into a leading digital content provider and for leading in the development of our award-winning line of NOOK® products including NOOK Simple Touch, NOOK Simple Touch Glowlight, and NOOK HD and NOOK HD+. 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.”
Source: TNW
Photo: WashingtonPost
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