Barnes & Noble has promoted their head of nook business to CEO. Barnes & Noble have been struggling for the past couple of years.
On Wednesday, Michael Huseby, 59, will take over as CEO immediately. The position has been open since July when William Lynch CEO at the time left the company. The change comes after the busy holiday season that account for 40 percent of the retailers sales. Barnes & Noble will release its holiday figures on Thursday.
The company’s second fiscal year ended October 26 returning a profit helping to cut cost, however the revenue fell 8 percent declining across all segments.
The SEC issued a statement to Barnes & Noble on October 16, “we are investigating the company’s restatement of earnings announcement in July as well as an employee allegation that it improperly allocated some information technology expenses between its Nook and retail segments.”
Barnes & Noble began in late 2012 reporting Nook sales separately from its retail business to become more profitable.
Huseby joined Barnes & Noble as CFO in 2012 and he was promoted to president of the company and CEO of Nook Media in 2013. Huseby was CFO of the cable company Cablevision Systems Corporation before joining Barnes & Noble as CFO in 2012. Barnes & Noble shares went up to 26 cents, or 1.8 percent to $15.01 in midday trading.