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.
Posts Tagged ‘William Lynch’
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 reported that Nook segment revenues totaled $316 million for the fiscal third quarter, sinking 26 percent compared to the same period last year. The company blamed “lower device unit volume” for the sagging sales, and promised to “significantly reduce NOOK’s expenses.”
At the same time, retail revenues at Barnes & Noble bookstores and the online business, decreased 10.3 percent during the quarter–counting revenues of $1.5 billion. The company said a “decline in comparable store sales, store closures and lower online sales” had produced these reduced figures.
Barnes & Noble CEO William Lynch had this comment in the release: “In terms of the NOOK Media business, we’ve taken significant actions to begin to right size our cost structure in the NOOK segment, while also taking a large markdown on NOOK devices in order to enhance our ability to achieve our estimated sales plans in subsequent quarters … NOOK Media has been financing itself since October of 2012 due to the strong investment partners we’ve been able to attract in Microsoft and Pearson. Coming off the holiday shortfall, we’re in the process of making some adjustments to our strategy as we continue to pursue the exciting growth opportunities ahead for us in the consumer and digital education content markets.”
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.”
Today Barnes & Noble noted that in store sales increased eight percent (to $1.1 billion) during the nine week holiday period, celebrating the “best comparable store sales performance in more than a decade.” In addition, sales at Barnes & Noble.com increased by 67 percent over the same period, totaling $228.5 million.
Earlier this week, Barnes & Noble reported that December 23, 2010 was the “largest retail sales day ever in the company’s nearly 40-year history.” Yesterday, Credit Suisse upgraded its assessment of the company’s stock. UDPATE: Follow this link to read more about Borders Group news from around the country.
Barnes & Noble CEO William Lynch had this statement: “NOOKcolor was one of the most sought-after gifts this holiday season and has quickly become the bestselling device at Barnes & Noble. And, even more encouraging to us, NOOK’s popularity is helping to drive new sales at both our stores and online, where 60% of NOOKcolor owners are new customers of our Barnes & Noble digital bookstore.”
Today Barnes & Noble reported that total sales for the last quarter were $1.4 billion–a 21 percent increase compared to the same period last year.
The company also reported a “consolidated net loss” of $63 million. $9.5 million of that came from the bookseller’s expensive, but ultimately victorious, court battle against Ron Burkle‘s investment company. CEO William Lynch had this statement: “As we have previously stated, the company is allocating significant financial resources to strengthen its digital businesses in fiscal 2011 to maximize our ability to power growth and capture share of the emerging digital market.”
For more coverage, check out eBookNewser’s take on the company’s digital book future.