Barnes & Noble (BKS) made an odd decision today. It named a new CEO who will probably have no power to run the company.
William Lynch comes from HSN where he was head of HSN.com. He will almost certainly be better paid at BKS than at HSN. But, the Riggio family, which owns 31% of the firm along with several allies, maintains de facto control. Steve Riggio has been CEO of Barnes & Noble and his brother Leonard is chairman. Leonard will keep that position.
BKS has been under pressure from raider Ron Burkle to be allowed to buy more of the company. The move is blocked by certain provisions in the corporation’s by-laws. A new CEO won’t change those by-laws or the Riggio’s grip on the company.
Douglas A. McIntyre
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