NEW YORK ( TheStreet) -- Barnes & Noble ( BKS) has named William Lynch, 39 years old, as its new CEO.

Lynch succeeds Steve Riggio, 55, who will remain vice chairman and be actively involved in the company.

Barnes and Noble also announced Thursday the promotion of Chief Operating Officer Mitchell Klipper, 52, to CEO of the company's retail group.

-- Reported by Andrea Tse in New York

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