Barnes & Noble Separates Chairman & CEO Roles; Renews Cooperation Agreement With Outerbridge

Barnes & Noble Education Inc BNED has renewed its cooperation agreement with Outerbridge Capital Management LLC.
Outerbridge holds about 9.9% of Barnes & Noble's shares.
Under the agreement, the company has agreed to nominate Rory Wallace, Chief Investment Officer of Outerbridge, for election to the Board at the 2022 Annual Meeting of Stockholders.
Barnes also plans to separate the Chairman and CEO roles, effective immediately.
The company has named Vice Admiral John R. Ryan, its current lead independent director, to take up the role of Chairman of the Board.
CEO Michael P. Huseby commented, "On behalf of the Board, we also want to congratulate John on his new role as Chairman of the Board."
Price Action: BNED shares are trading lower by 4.02% at $3.10 on the last check Monday.