Barnes & Noble CEO William Lynch has received a two-year extension to run the company and will head the Nook Media business if that unit is separated from the retail trade stores, B&N said in a Friday filing with the Securities & Exchange Commission. In agreeing to the extension, Lynch will receive the same base salary but did receive a $1.8 million bonus for his role in completing investments from Microsoft and Pearson that helped form Nook Media.
If Lynch does become CEO of Nook Media, he will be eligible to receive a $1.5 million bonus. The B&N board is considering an offer from chairman Len Riggio to buy the retail trade stores. As part of his extension, Lynch has a one-year non-compete clause after he leaves B&N and is prevented from recruiting B&N personnel for two years.
