Leonard Riggio to Retire as Barnes & Noble Chairman
Posted on May 14, 2016
Barnes & Noble Founder and Chairman Leonard Riggio has announced he will retire as Chairman of the company in September following the company's annual shareholder meeting. He will remain on the Board of Directors.Riggio built Barnes & Noble starting with a single store after acquiring the company. He built the company into a book selling giant and ran it during the years when there was concern about the big bookstore chains pushing out smaller bookstores. He also helmed B&N as Chairman during the rise of its online rival Amazon.com and through the recent transition from physical books to ebooks.
Riggio says in a statement, "I've done everything I have wanted to do in business and now it is time for me to pursue the many other endeavors related to my philanthropic and social interests. 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."
Paul B. Guenther has been appointed to serve as non-executive Chairman upon Mr. Riggio stepping down. Barnes & Noble CEO Ron Boire will report to the Board of Directors.