Joe Lombardi has resigned as chief financial officer of Barnes & Noble after nine years. He will remain with B&N as a “non-officer employee” until mid-2012 to assist in the transition to a new CFO. Until a permanent replacement is found Allen Lindstrom, v-p, corporate controller, will serve as interim CFO.
Lombardi has been part of a management team that oversaw the acquisition of Barnes & Noble College Booksellers, fought off a proxy challenge by Ron Burkle, began transitioning B&N into the digital era and reviewed the strategic options for the retailer that resulted in a $204 million investment by Liberty Media. B&N’s 2011 proxy notes that Lombardi received a $562,500 special bonus” based on his extraordinary work performed in connection with the Company’s refinancing and review of strategic alternatives.”
In a prepared statement, B&N CEO William Lynch said “Today the company is strategically and financially well positioned, due in large part to our leadership team and Joe Lombardi’s contributions during his tenure as CFO. He has played a key role especially during these last two years, as we’ve been successfully transforming our business, and scaling the massive opportunity NOOK® presents.”
