Company’s losses doubled as Nook e-book devices were not able to keep up with competitors
Barnes & Noble CEO William Lynch has stepped down after the sales of its digital division Nook dropped and failed to vie in the e-reader and tablet markets.
The firm has not named any new successor for Lynch, while has appointed Michael P. Huseby as the president of Barnes & Noble and chief executive of the Nook division.
According to the firm, the losses doubled as Nook e-book devices were not able to keep up with competitors.
As part of restructuring, the company said that it has also promoted controller Allen Lindstrom as its new chief financial officer.
The move comes after the company reported 34% drop in Nook sales and it is also planning to halt the production of Nook tablets, ending a costly effort to compete with similar devices offered by Amazon, Apple and Google.
In May 2013, the firm collaborated with Google to incorporate Google Play online app store, in addition to integration of Gmail, Chrome Web browser, YouTube, Google Search and Google Maps features.