Business

Barnes & Noble founder and chairman Riggio to retire

Posted April 27, 2016 7:00 am

The Associated Press

NEW YORK (AP) - Barnes & Noble's founder and chairman Leonard Riggio will retire following the book seller's annual shareholders meeting, which is planned for September.

Riggio began Barnes & Noble from the ground up, starting with a single college bookstore in 1965. He also founded Barnes & Noble College Bookstores, a contract operator of bookstores on college and university campuses, and videogame retailer GameStop.

The company announced Wednesday that director Paul Guenther will serve as non-executive chairman. Guenther has served as a Barnes & Noble Inc. board member since last year and is chair of the audit committee.

Riggio intends to stay on the company's board and said in a written statement that he plans to remain a Barnes & Noble shareholder "for years to come."

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