Barnes & Noble (BKS) founder & chairman, Leonard Riggio, announced that he will retire as Chairman of the Company following the annual shareholder meeting currently planned for September, and intends to remain on its Board of Directors.
The Board has appointed Paul B. Guenther to serve as non-executive Chairman upon Mr. Riggio stepping down. Mr. Guenther, former President of Paine Webber Group, Inc., has been a member of the Barnes & Noble Board since 2015 and serves as Chair of the Audit Committee. The Company's CEO, Ron Boire, will report to the Board of Directors. Riggio says, "I intend to remain a shareholder of Barnes & Noble for years to come. I have complete confidence in the management team and their ability to take this Company to the next level of bookselling and I have every intention of offering my help and support. I've thoroughly enjoyed working with our Board of Directors and I couldn't be more pleased that Paul has stepped up to take on this new leadership role."
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