In its second-largest acquisition, Amazon buys the company for $970 million.
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Lynch, however, left the company expressing more optimism. “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,” he said in a press release announcing his resignation yesterday. Neither he nor the company explained more about such innovations.
The future operating format run by Lynch’s successors, however, remains to be seen. Lynch has been replaced as a single CEO by a team of top executives, under chairman Riggio, running the Nook Media division, the Barnes & Noble retail store chain, and the company’s college book stores and digital education products. With the board of directors continuing to consider a proposal by Riggio to buy out the retail chain, this week’s restructuring of top management “could bring the company closer to a more formal break-up,” Stasser says.
The company said yesterday it was “in the process of reviewing its current strategic plan and will provide an update when appropriate.”