- 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.
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