Barnes & Noble nominates 2 new board members

New York City Barnes & Noble said Thursday it will nominate two new directors for election at its annual shareholder meeting, as it preps for a proxy fight with shareholder Ron Burkle.

Three directors are up for re-election, including Chairman Leonard Riggio.

Barnes & Noble nominated David Golden II, 52, a partner at private investment company Revolution LLC and a former longtime JPMorgan executive, as well as David Wilson, 69, CEO of a non profit that administers the Graduate Management Admission Test.

They would replace Michael Del Giudice, an investment banker; and Lawrence S. Zilavy, a former Barnes & Noble CFO.

William Dillard II, chair of the board's corporate governance and nominating committee, said the nominees' experience is "ideally suited for our board at this critical juncture."

The board change comes after Burkle, who owns 19% of Barnes & Noble's outstanding shares, unsuccessfully sued Barnes & Noble in a bid to expand his stake even more. Barnes & Noble put into place a shareholder rights plan that limits a company stake to 20%.

Burkle's Yucaipa Cos. said it will nominate Burkle; Stephen F. Bollenbach, chairman of KB Home, and Michael S. McQuary, CEO of Wheego Electric Cars and a partner in an Atlanta investment firm.