Huseby has been serving as CEO of NOOK Media ever since Lynch left. In his new role, Huseby will be in charge of all of the company’s business units including Barnes & Noble Retail, Barnes & Noble College and NOOK Media. Huseby will report to the Board of Directors and will also serve on the Board. He joined the company as CFO in March 2012. He came to the bookseller from Cablevision Systems Corporation where he had served as EVP & CFO.
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Barnes & Noble’s consolidated revenues for the second quarter of fiscal 2014 was $1.7 billion, an 8 percent drop compared to the same quarter last year. Second quarter consolidated earnings before interest, taxes, depreciation and amortization increased 13.7% to $76 million, as compared to a year ago.
Barnes & Noble retail segment, which includes sales from bookstores and BN.com businesses, reported $921 million in revenues for the quarter, a down 7.5 percent from last year. The company’s college segment had revenues of $738 million, a 4.6 percent drop compared to last year. The company’s Nook business reported revenues of $109 million for the quarter, a whopping 32.2 percent drop over last year.
“During the second quarter, Barnes & Noble grew earnings through improved margins and reduced expenses, while also completing another successful College rush season,” stated Michael P. Huseby, President of Barnes & Noble/CEO of Nook Media. ”The company is focused on executing its plans for the holiday season and our booksellers are prepared to welcome holiday shoppers and recommend thoughtful gift ideas for everyone on their list.”
Barnes & Noble CEO William Lynch has resigned. In addition, Michael P. Huseby will serve as CEO of NOOK Media and Barnes & Noble, Inc. president.
Lynch had this statement:
I appreciate the opportunity to serve as CEO of this terrific Company over the last three years,” said William Lynch. “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.
Barnes & Noble has hired Michael P. Huseby as its new Chief Financial Officer. He joins the company tomorrow.
Since 2004, Huseby has served as CFO of Cablevision Systems Corporation. Barnes & Noble chief financial officer Joseph Lombardi resigned last October.
Barnes & Noble CEO William Lynch had this statement: “Mike is a seasoned public company CFO and executive, has consistently built value at the companies he’s served, and recognizes the big opportunities in our strong retail and rapid growth digital businesses.”