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Benzinga
Benzinga
Business
Shivani Kumaresan

Barnes & Noble Separates Chairman & CEO Roles; Renews Cooperation Agreement With Outerbridge

NYSE
  • Barnes & Noble Education Inc (NYSE:BNED) has renewed its cooperation agreement with Outerbridge Capital Management LLC.
  • Outerbridge holds about 9.9% of Barnes & Noble's shares.
  • Under the agreement, the company has agreed to nominate Rory Wallace, Chief Investment Officer of Outerbridge, for election to the Board at the 2022 Annual Meeting of Stockholders.
  • Barnes also plans to separate the Chairman and CEO roles, effective immediately. 
  • The company has named Vice Admiral John R. Ryan, its current lead independent director, to take up the role of Chairman of the Board.
  • CEO Michael P. Huseby commented, "On behalf of the Board, we also want to congratulate John on his new role as Chairman of the Board."
  • Price Action: BNED shares are trading lower by 4.02% at $3.10 on the last check Monday.
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