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Barnes & Noble CEO Lynch Out After Nook Woes Deepen (Forbes)
Another dreary chapter for Barnes & Noble came to a close Monday with the resignation of chief executive William Lynch, the man brought on board to build the company’s tablet business. Officially, Barnes & Noble offered no explanation for Lynch’s departure. It’s not difficult to read between the lines, though. Lynch, a one-time Palm executive, was unable to push Barnes & Noble into the tablet business, a market heavily dominated by Apple’s iPad, and to a far lesser extent, Amazon.com’s Kindle. NYT The moves on Monday appeared to be a step toward separating the digital and retail divisions, as the company has indicated it might do. Barnes & Noble has been in talks over a potential sale of its digital assets, as well as its 675 bookstores. Microsoft is one potential buyer of the Nook business; last year it invested hundreds of millions of dollars to acquire 17.6 percent of the division. TechCrunch E-readers never managed to beat back competition from the ever-strong Amazon, and the move into Nook tablets, based on Android, never quite hit the mark, either — a position that only seemed to get worse over time. Barnes & Noble’s last quarter saw the company report a loss of nearly $119 million, more than double the loss in the quarter a year before. The Nook division specifically, the thing on which B&N has pinned its future, made only $108 million in revenue in that period, a 34 percent drop from a year ago. GalleyCat “I appreciate the opportunity to serve as CEO of this terrific company over the last three years,” said Lynch in a statement. “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.” Read more
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