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Struggling bookseller Barnes & Noble ousts CEO after a year

/ AP

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NEW YORK - Struggling bookseller Barnes & Noble (BKS) says its chief executive officer is departing after just a year in office.

The company’s board says it determined Ronald D. Boire was not a good fit for the company and it is in the “best interests of all parties” for him to step down. The company did not give specifics.

Executive chairman and former CEO Leonard Riggio, who was scheduled to retire on Sept. 14, will postpone his retirement. A search for a new CEO will begin immediately.

Barnes & Noble is working on a turnaround plan involving cutting costs and closing stores after years of weak results as more people shop for books online and at discount stores.

Boire previously served as CEO of Sears Canada.

First published on August 17, 2016 / 8:10 AM EDT

© 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

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