Leonard Riggio will retire as chairman of Barnes & Noble. He will continue to stay on the company’s board of directors.
Riggio’s exit will take place after the annual shareholder meeting which is scheduled for September 2016. In anticipation of Riggio’s departure, Paul B. Guenther has been named non-executive chairman.
Riggio gave this statement in the press release: “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.”