Bookselling Pioneer Riggio to Retire as Barnes & Noble Chairman
- Chain's founder to step down in September, remain on board
- Company began as college bookstore, became superstore giant
Leonard Riggio.
Photographer: Amanda Gordon/BloombergThis article is for subscribers only.
Barnes & Noble Inc. Chairman Leonard Riggio will retire from the company he founded more than 50 years ago, ending a career that helped transform the U.S. retail landscape by ushering in the era of big-box stores and changing the way Americans shopped for books.
Riggio, 75, will be replaced as chairman in September by director Paul Guenther, the company said in a statement on Wednesday. Chief Executive Officer Ron Boire, who now reports to Riggio, will report to the full board. With a 17 percent stake, Riggio is Barnes & Noble’s largest shareholder. He said he plans to remain an investor and board member.