There is definitely a shakeup in the world of books right now. After Barnes and Noble, the mega bookstore chain, experienced losses following a drop in sales of its Nook e-books and other electronic based devices, the company’s chief executive officer and director, William Lynch, resigned on Monday after leading the company for three years. He took over leadership of the company when the Nook was considered to be a major competitor against the Kindle and other readers.
Media reports indicate Lynch tendered his resignation as a direct result of the sluggish sales of the electronic e-reading devices marketed by the chain. The Nook was designed to compete with similar devices, such as the Kindle. Earlier this year it has been reported that Barnes and Noble may stop manufacturing its own Nook hardware.
After Lynch’s announcement that he was stepping down immediately, Michael P. Huseby has been appointed CEO of the Nook Media Division. He will continue to serve as president of Barnes and Noble as a whole.
Immediately after the resignation of Lynch, there was apparently more shake up in the ladder of leadership at the book mogul. Allen Lindstrom, who had served as the company vice president, was promoted to the position of CFO. Kanuj Malhotra, who had served as vice president of corporate development, was promoted to CFO of Nook Media.
Perhaps the changes are good changes and the company may once again see growth in the near future, some experts indicate. Many experts say change can be good, and leadership should change periodically.
Lynch had been well respected as a leader during his three year reign, according to media reports. Barnes and Noble Board Chairman Leonard Riggio thanked Lynch for his leadership during that time. Lynch took over the helm when Barnes and Noble appeared to be a rival to Amazon in the reader and tablet market.
Experts indicate Barnes and Noble may be one of the top companies to watch after the recent changes.
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