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Barnes & Noble CEO William Lynch steps down; Michael Huseby appointed CEO of Nook Media
Following reports earlier this year that Barnes & Noble may be sliding away from producing its own Nook hardware, the outfit's CEO has just stepped away from his corner office. Announced in a series of shuffles, William Lynch has resigned as chief executive officer and director of the company effective immediately, while Michael P. Huseby has been appointed CEO of the Nook Media division (as well as president of B&N as a whole). The firm also announced that vice president Allen Lindstrom was being subsequently promoted to CFO, reporting to Huseby. Moreover, Kanuj Malhotra -- VP of corporate development, has been promoted to CFO of Nook Media. Chairman Leonard Riggio thanked Lynch for his leadership during an era where B&N emerged as a real rival to Amazon in the reader / tablet market, while the man himself said that he "appreciated the opportunity to serve as CEO over the last three years." As for his immediate plans? Kicking back on the shores of Ocracoke and reading a book... on a Nook, of course.
Barnes and Noble sees quarterly sales surge, losses fall to $41 million
Barnes & Noble has had a quarter worth remembering, bringing in $1.5 billion and reducing its losses to $41 million -- down from $57 million last year. Retail business was up, thanks to the closure of Borders branches and blockbuster sales of Fifty Shades of Grey, while College sales increased quarterly losses by $2 million to $14 million. While online sales fell 7.6 percent and the Nook business remained flat, the company saw digital content purchases skyrocket by 46 percent -- and the company couldn't produce enough GlowLight devices to satisfy demand. Wondering about the company's tie-up with Microsoft? There's still no news beyond that it hopes the new partnership will be up and running by the fall.
