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."