BandN.com settles succession, taps Toulantis for ceo position - Brief Article

DSN Retailing Today, Feb 25, 2002 by Molly Prior

NEW YORK -- After a two-year vacancy in the top seat at Barnesandnoble.com, the online bookstore has named Marie Toulantis as president and ceo, replacing acting chief executive Stephen Riggio. Riggio has since succeeded his brother Leonard Riggio as ceo of Barnes & Noble Publishing Group.

Toulantis' strong financial orientation will help the online division keep on task as it attempts to curtail costs in pursuit of profitability. Toulantis came to Barnes & Noble from Chase Manhattan Bank, where she served as senior vp. In 1997, she joined Barnes & Noble as executive vp of finance and later took on the role of cfo. During the height of the Internet craze in 1999, Toulantis left her post as cfo to lead the company's Internet venture. In May, she was named president and coo.

Barnesandnoble.com credits Toulantis with leading the company's record-breaking initial public offering in May 1999. The offer raised approximately $480 million, the largest Internet offering at the time.

"Marie has done an outstanding job in helping build Barnesandnoble.com into the leading Internet site of any retailer worldwide," said chairman Leonard Riggio.

As ceo, Toulantis joins the ranks of several other outstanding women leaders in online business, such as Meg Whitman, president and ceo of eBay; and Monica Luechtefeld, executive vp of Office Depot's e-commerce site, whose leadership has made OfficeDepot.com the second largest e-tailer after Amazon.com.

Toulantis already has had success narrowing Barnesandnoble.com's losses over 2001. Its fourth quarter net loss narrowed from $158.5 million to $127.8 million. In an effort to further reduce costs, Barnesandnoble.com cut its workforce of approximately 2,200 by 16% in February 2001. The company hopes to reach profitability by the end of the first quarter, said Toulantis.