Barnes & Noble (NYSE: BKS) reported Thursday named the president of its Web site William Lynch as its new chief executive officer, according to Associated Press.
The company said former CEO Steve Riggio will stay on as vice chairman and be actively involved with the company. Riggio is the brother of Leonard Riggio, the company's biggest shareholder.
New CEO William Lynch helped launch the company's electronic book store and oversaw the introduction of its electronic book reader, the Nook. The company is hoping that technology will help it adjust with the bevy of e-readers and online retailers.
Xplosive Stocks, an online financial publication, provides investors timely stock market information.
Sign Up Today for our Free Stock Newsletter
Lynch, 39, has served as president of Barnes & Noble's Web site since February 2009. Lynch said he will work to develop both retail and online businesses.
In February, Barnes & Noble blocked an attempt by Burkle, whose Yucaipa Cos. holds a 19 percent stake in the company, to amass more shares.
The company also promoted Chief Operating Officer Mitchell Klipper, 52, to CEO of its retail group, which includes Barnes & Noble stores as well as its college bookstores.
Last month Barnes & Noble, based in New York, said the launch of the Nook helped boost online sales, which rose 32 percent, but weakness at its bookstores led to a drop in profit during the third quarter.
Before joining Barnes & Noble, Lynch was executive vice president of marketing at home shopping network HSN Inc. and general manager of HSN.com. He also served as CEO and co-founder of Gifts.com, a subsidiary of IAC.
Sign up for the free Xplosive Stocks newsletter. Investors interested in receiving small cap stock alerts through the penny stock newsletter published by Xplosive Stocks can sign up for free by visiting our website.
About Us
Xplosive Stock is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We focus on Xplosive Stocks and track small cap companies that are on the brink of a financial breakout. To feature a company on our website please contact us at the email listed below.
Please click here to read the full disclaimer.
