BOOKSELLER Barnes & Noble's CEO has resigned as Nook sales continue to fall as the firm struggles to rival Amazon in the ebook market.
Barnes & Noble has been trying to reinvent itself with its Nook range of ebook readers and tablets, which it recently launched in the UK. However the firm's sales have been falling, and yesterday the firm's CEO William Lynch suddenly announced his resignation with immediate effect.
The bookseller didn't announce a replacement for Lynch. Instead it said Michael Huseby will become the CEO of its Nook Media business and president of Barnes & Noble. The firm said Max Roberts will become CEO of Barnes & Noble College, the firm's educational division, while Mitchell Klipper will become CEO of Barnes & Noble Retail, with both Roberts and Klipper reporting to the firm's chairman, Leonard Riggio.
Lynch joined Barnes & Noble three years ago and while the firm has made strides to decrease its reliance on bricks and mortar stores, its Nook ereaders and ebooks have been unable to compete with Amazon's global reach. The firm's full year financials published late last month showed Nook sales fell by 34 percent in the last quarter and 17 percent over the course of its fiscal year.
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."
Riggio also said that the firm will be looking at whether its present business strategy is working. µ