NEW YORK (TheStreet) -- Barnes & Noble (BKS) announced the departure of CEO Ronald Boire after Tuesday's market close.
The board of directors determined Boire was not a "good fit for the organization and that it was in the best interests of all parties for him to leave the company."
The New York-based bookseller also said that its executive chairman Leonard Riggio will postpone his retirement until a later date.
Riggio was scheduled to retire at the close of the company's annual meeting on September 14.
Barnes & Noble said it will immediately begin an executive search for a new CEO. Riggio, along with other members of the executive management team, will assume Boire's duties.
Shares of Barnes & Noble closed lower on Tuesday.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and notable return on equity.
But the team also finds weaknesses including deteriorating net income, poor profit margins and a generally disappointing performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: BKS
