Trending

Filed under: News

 

Why Michael Huseby For Barnes & Noble CEO Job?

Jan 8 2014, 9:01am CST | by

 
 
 

Barnes & Noble has a new CEO: Michael Huseby, who was most recently running the company’s Nook digital media division in the wake of the departure of CEO William Lynch in July 2013 but joined the company in 2012 as chief financial officer.

Lynch, who left the company after three years, oversaw the launch of the Nook e-reader and ebook business. It’s widely thought that the failure of this business to become profitable despite gaining significant ebook retail market share in the U.S. in 2011 and 2012 is what eventually imperiled his job.

Following Lynch’s departure, a new CEO wasn’t named. Huseby was appointed head of Nook Media; Mitchell Klipper was made head of the company’s chain of U.S. retail bookstores; and Max Roberts was put in charge of the company’s college bookstore chain. The leadership all reported to chairman Len Riggio and the board, which effectively led the company over the past six months.

But why Huseby?

While the company has not yet responded to my request for comment answered my questions about a new strategic direction in the wake of Huseby’s appointment, the announcement of his promotion might offer some clues. Huseby has deep financial experience, holding CFO positions at Barnes & Noble and Cablevision. He was also a partner at Arthur Anderson for 23 years. The company spells out what he can do in its press release:

Mr. Huseby’s broad range of experience includes extensive capital markets transactions; M&A/corporate development; comprehensive operational responsibilities including new product development and roll out; business process improvement; cost management; capital allocation; governance and extensive public company board experience; SEC accounting/reporting; tax planning/compliance and investor relations.

Here are some possible of select bits:

– “capital markets transactions”: Raise money for Barnes & Noble, which is profitable overall but has a digital division that is hemorrhaging cash.

– “M&A/corporate development”: Sell Nook and take the retail stores private or some other major financial move.

– “cost management”: Continue to optimize Barnes & Noble’s operations. Over the past year, the Nook division has cut costs significantly, trimming losses even as revenues have declined.

– “SEC accounting/reporting; tax planning/compliance and investor relations”: Help get Barnes & Noble out of hot water when it comes to a current Securities and Exchange Commission investigation due to possible financial reporting improprieties and several investor lawsuits.

When asked about what Huseby’s appointment might signal in terms of strategic direction, a spokesperson for the company said, “I can’t comment on that. We have nothing to announce other than Mike’s appointment.”

Source: Forbes

You Might Also Like

Updates

Shopping Deals

 
 
 

<a href="/latest_stories/all/all/31" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

 

Comments

blog comments powered by Disqus

Latest stories

Sara Kapfer ends 20 Year Marriage to Cuba Gooding Jr.
Sara Kapfer ends 20 Year Marriage to Cuba Gooding Jr.
Cuba Gooding Jr. is seeing the end to his 20 year marriage with Sara Kapfer. They have three sons who Sara will take custody of.
 
 
Brian Williams is Hilarious on The Tonight Show with Jimmy Fallon
Brian Williams is Hilarious on The Tonight Show with Jimmy Fallon
What is even funnier than the Tonight's show fake rap videos of Brian Williams is watching him as guest on the show. Brian Williams was guest on the The Tonight Show Starring Jimmy Fallon this week. Watch the full appearance bowl. It is hilarious. Also watch the latest Brian Williams rap. It is viral with over 6m views.
 
 
Mariah Carey Booked Entire Plane Cabin
Mariah Carey Booked Entire Plane Cabin
Mariah Carey is known for her luxurious lifestyle. Carey recently booked an entire first class air plane cabin for travelling from New York to France at cost of £70,000.
 
 
Orange is the new Black Season 2 Trailer Released
Orange is the new Black Season 2 Trailer Released
The first trailer for season 2 of the Netflix hit series Orange is the new Black has been released. Watch it below.
 
 
 

The Hottest Photos of Victoria's Secret Fashion Show 2013

 

Viral Stories the Web