Barnes & Noble chief financial officer resigns

[October 22, 2011]  NEW YORK (AP) -- Barnes & Noble says Chief Financial Officer Joseph Lombardi has resigned and the company is starting a search to replace him.

Lombardi will stay on with the company until mid-2012 to assist in the transition.

Corporate Controller Allen Lindstrom will take over CFO duties until a replacement is named.

Barnes & Noble is dealing with the same tough competition and changing book-reading habits that forced its rival Borders Group to liquidate earlier this year. The company has focused on its e-book reader the Nook and its digital media library in an effort to improve results.

In its most recent quarter the New York company reported a narrower loss as revenue edged up 2 percent to $1.42 billion.

Lombardi joined the company nine years ago.

[Associated Press]

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