Barnes & Noble Drops E-Commerce CEO for Eye-Shade GuyBy
Barnes & Noble Chief Executive Officer William Lynch resigned on Monday. This is not that much of a surprise. The largest U.S. bookstore chain has been losing its e-book war with Amazon for quite some time, which has put a drag on profits. In its last earnings report, the company reported a $118.6 million loss—more than double its losses a year earlier—and revenue from the sales of e-books dropped 9 percent. Amazon, meanwhile, is not just selling Kindles. It is creating new genres: surprise fiction hits such as Fifty Shades of Grey and straight-to-Kindle journalism from Byliner. There is no such thing as a “Nook Single,” and this is not an accident. Culture matters.
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