Two filings with the SEC offer a look both at what CEO William Lynch will earn as Barnes & Noble’s new CEO and how Mitchell Klipper’s promotion gives him a much greater role in the company. Lynch’s three-year-deal with B&N will bring in an annual base pay of $900,000 (with eligibility for bonuses with a target of “not less than” 150% of base pay.) Lynch will also receive 500,000 shares of B&N stock and have options to buy another 500,000 shares. Klipper, however, will get virtually the same compensation package, underscoring that B&N views his new position as CEO of […]
WaPo, PublicAffairs Team Up For Book on Health Care Reform
The Washington Post announced this morning that its guide to new health care reform legislation passed by the House on Sunday night will be published by PublicAffairs in April, first as an e-book and shortly thereafter in paperback format. According to the release, LANDMARK: The Inside Story of America’s New Health Care Law and What It Means for Us All “will provide a comprehensive look at the provisions of the bill as it emerges from the Senate” and “feature exclusive interviews with senior White House officials, lawmakers, lobbyists and industry leaders.”
People and Announcements
The Random House Publishing Group has announced a number of promotions: Barbara Fillon has been named Deputy Director, Publicity for Little Random, Spiegel & Grau, and The Dial Press, reporting to Sally Marvin. London King and Jynne Martin have been promoted to Associate Director, while Ashley Gratz-Collier has been named Associate Publicist. Susan Corcoran has been named Deputy Director, Publicity for Ballantine Bantam Dell, reporting to Theresa Zoro. April Flores, Diana Franco, Alison Masciovecchio and Joe Scalora have all been promoted to Publicist. John Brodie has joined Grand Central’s Business Plus imprint as Executive Editor, effective April 5, reporting to […]
As April 1 Loan Deadline Looms, Borders Looks to Expand Digital Division
With 10 days to go until majority stakeholder Pershing Square Capital Management decides whether Borders should finally make good on the $42.5 million loan that’s already been renegotiated three times before, expect to see a lot more speculation from analysts and journalists about the book retailer’s ability to survive. One analyst, Lou Kasman of Marketing/Management Associates LLC, told AnnArbor.com “I don’t see strong cash flow, so meeting debt is questionable. Whether the lenders will change payment requirements is the question.” Turnaround consultant Jim McTevia is much more blunt: “Borders is a classic example of a company that is struggling for […]
Kindle for iPad on the Way, But Not In Time for Launch; More on B&N iPad app
Amazon gave the NYT a sneak preview of its Kindle-for-iPad app, which touts “two new ways for people to view their entire e-book collection, including one view where large images of book covers are set against a backdrop of a silhouetted figure reading under a tree.” Screenshots are available at Amazon’s website, but the app, which also “allows readers to slowly turn pages with their fingers”, will not be available in time for the iPad April 3 launch date because Amazon hasn’t been able to test it on a real device. Instead, according to VP for Kindle Ian Freed, Amazon […]
Q4, Full-Year Earnings Up at Hastings, but Book Comps Dip
Hastings Entertainment reported an increase in fourth-quarter earnings, with a net income of $9.1 million or $0.94 per share, compared to $4.1 million or $.41 per share in the corresponding period one year earlier. Total revenue for the quarter climbed 5.5 percent to $176.1 million, from $166.9 million a year earlier. For the twelve-month period, net earnings also rose to $6.9 million or $0.71 per share from $4.1 million or $0.39 per share in the previous year. revenues decreased 1.4% to $531.3 million from $538.7 million last year. Comparable store revenues for books, however, dropped 0.5% for the year ending […]