Barnes & Noble Oust CEO Ronald Boire

(RTTNews) - Struggling book retailer Barnes & Noble Inc. (BKS), Tuesday fired its Chief Executive Officer Ronald Boire, just after one year on the top position.

The company said that "Boire was not a good fit for the organization and that it was in the best interests of all parties for him to leave the company."

Meanwhile, Executive Chairman Leonard Riggio, who was scheduled to retire at the close of the company's Annual Meeting on September 14, will postpone his retirement until a later date.

The company said it will immediately begin an executive search for a new CEO. Riggio, along with other members of the executive management team, will assume Boire's duties.

The company said it will continue to execute its strategic initiatives, which include cost cutting measures, winding down its Nook e-reader business and closing stores as sales continue to slow-down reflecting peoples preference to shop books online.