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