On Monday, Barnes & Noble Inc Chief Executive William Lynch resigned. This was after his failed attempt to lead the US bookstore chain to compete with bigger brands including Amazon.com Inc and Google Inc in the online and tablet markets.

Leonard Riggio, the chairman and founder of Barnes & Noble said that the company has conducted review of its strategic plans and has announced series of executive changes. Riggio is also the company's biggest shareholder.

After the resignation of Lynch, Chief Financial Officer Michael Huseby was named CEO of the company's Nook Media division and the President of the parent company.

Barnes & Noble is the operator for the biggest chain of bookstores in the US. The company has been hit hard by Amazon which has won market share by selling physical books more cheaply online. Amazon is also the biggest Internet retailer. Its Kindle e-book reader became a hit inflicting more damage to physical stores selling books after it took off about five years ago.