Barnes & Noble Elevates Huseby to CEO Spot

By FOXBusiness

Barnes & Noble (NYSE:BKS) named president Michael Huseby to the CEO role, vowing to "enhance and unlock" value for shareholders.

Continue Reading Below

Huseby joined the firm in March 2012 as chief financial officer and then was promoted to president in July 2013.

"Although a relative newcomer to the retail book business, he has quickly developed a comprehensive understanding of the unique opportunities and challenges the company faces, and he has a vision for the future in which I am in complete accord," Barnes & Noble chairman Leonard Riggio said in a press release.

Huseby said his goal is to "enhance and unlock" shareholder value in the firm that has struggled to keep up with online booksellers, like (NASDAQ:AMZN). Indeed, the stock has climbed just north of 10% over the past year, compared to nearly 50% gains for its online rival.

Huseby's professional background actually isn't based in retail. Prior to joining Barnes & Noble, he worked as Cablevision's (NYSE:CVC) CFO, and he also held roles at Charter Communications (NASDAQ:CHTR) and AT&T Broadband.

As chief executive, Huseby will work to boost sales, which fell 8% on a year-to-year basis in the company's fiscal second quarter ending in October 2013. The firm is also the subject of a probe by the Securities and Exchange Commission over its accounting practices.

Barnes & Noble shares dipped by a nickel, or 0.34%, to $14.70 in pre-market trading Wednesday.

What do you think?

Click the button below to comment on this article.