- Push-out Score suggests push-out forces
- After about four years on the job
- Accolades, praise, thanks and good wishes for Roberts
- Mike Huseby taking over
- Roberts made a lengthy statement and said 72 words
(exechange) — Basking Ridge, New Jersey, July 20, 2017 — Max Roberts, chief executive of Barnes & Noble Education, leaves the position. As announced by Barnes & Noble Education, Inc. in a news release and in a regulatory filing published on Thursday, July 20, 2017, Max J. Roberts leaves the post as Chief Executive Officer at the bookselling company after about four years on the job, effective September 19, 2017.
Roberts’ duties are taken over by Mike Huseby, currently Executive Chairman at Barnes & Noble Education, Inc.
No reason given
In the announcement, Barnes & Noble Education did not explicitly explain the reason for Roberts’ move, opening the door for speculation.
Precise information about the future plans of Roberts was not immediately available.
Barnes & Noble Education said: “Max J. Roberts has informed the Board of Directors of his decision to retire and has submitted his resignation as Chief Executive Officer, effective September 19, 2017.”
Share price decline
The change follows a sharp decline in the share price of Barnes & Noble Education, Inc. since July 12, 2017.
Abrams holds 18.86 percent stake
Abrams Capital Management, L.P. reported an 18.86 percent stake in Barnes & Noble Education, Inc. as of March 30, 2017. Abrams is a hedge fund.
On the job as CEO since 2013
Max J. Roberts has been the Chief Executive Officer of Barnes & Noble Education, Inc. since August 2013.
Max J. Roberts was elected to the Board in August 2015.
Roberts joined Barnes & Noble College in 1996 as President and became its Chief Executive Officer in August of 2013.
Prior to joining Barnes & Noble College, Roberts held senior executive positions at Petrie Retail and R.H. Macy & Company, Inc.
Roberts started his professional career at the global public accounting firm of Touche Ross & Company (currently Deloitte).
Roberts is a Certified Public Accountant and graduated cum laude with a degree in Accounting from Oklahoma Christian University.
oberts will not stand for re-election to the Board of Directors at the 2017 annual meeting of stockholders.
In the coming months, Roberts will work with Huseby to transition his CEO responsibilities.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Max Roberts’ move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 30.2017 ($).