Barnes & Noble CEO resigns as company struggles

Outgoing Barnes & Noble CEO William Lynch shows off the company's NOOKcolor device at an event in 2010.

NEW YORK (CNNMoney)

Lynch is departing after a three-year tenure in which Barnes & Noble was battered by the shift away from brick-and-mortar bookstores to e-commerce and digital products.

The company has tried to compete in the tablet market with the likes of Amazon's (AMZN, Fortune 500) Kindle and Apple's (AAPL, Fortune 500) iPad, but sales of its Nook tablets have disappointed, falling 34% in the most recent quarter.

Overall, Barnes & Noble (BKS, Fortune 500) reported a quarterly loss last month of $118.6 million, nearly double its loss from a year prior. Revenue fell 7.4% to $1.3 billion.

Related: Amazon's (not so secret) war on taxes

Lynch's resignation is effective immediately. Barnes & Noble spokeswoman Mary Ellen Keating said Monday that the company "is in a transition period, so we have we have no immediate plans to name a new CEO."

Chief Financial Officer Michael Huseby has been appointed president of Barnes & Noble Inc. and head of the company's Nook division. Huseby and Mitchell Klipper, head of Barnes & Noble's retail division, will report directly to the company's executive chairman, Leonard Riggio.

Barnes & Noble shares sank 4.3% in after-hours trading Monday.

First Published: July 8, 2013: 6:51 PM ET

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