Barnes & Noble CEO fired for violating company policies
Barnes & Noble provided some retail fireworks on the eve of July 4.
The nation’s largest bookstore chain said it has fired its CEO, Demos Parneros, for “violations of the company’s policies.” In a statement, Barnes & Noble did not offer any other details except to note Parneros’ termination was not due to any disagreement regarding its financial reporting, policies or practices or any potential fraud. It also said he will not receive any severance pay.
Parneros was tapped as CEO of the struggling chain in April 2017, the chain’s fourth CEO in four years. Prior to joining Barnes & Noble as COO in 2016, he was president of North American stores & online for Staples.
Barnes & Noble said it will begin its search for a new CEO and that “no changes in its goals or objectives are planned.” While the company searches for a new chief executive, it will be run by a leadership group that includes CFO Allen Lindstrom, chief merchandising officer Tim Mantel and VP of stores Carl Hauch. Leonard Riggio remains executive chairman and will also be involved in its management.
The retailer said the action was taken by the company’s board of directors, who were advised by the law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP.
The nation’s largest bookstore chain said it has fired its CEO, Demos Parneros, for “violations of the company’s policies.” In a statement, Barnes & Noble did not offer any other details except to note Parneros’ termination was not due to any disagreement regarding its financial reporting, policies or practices or any potential fraud. It also said he will not receive any severance pay.
Parneros was tapped as CEO of the struggling chain in April 2017, the chain’s fourth CEO in four years. Prior to joining Barnes & Noble as COO in 2016, he was president of North American stores & online for Staples.
Barnes & Noble said it will begin its search for a new CEO and that “no changes in its goals or objectives are planned.” While the company searches for a new chief executive, it will be run by a leadership group that includes CFO Allen Lindstrom, chief merchandising officer Tim Mantel and VP of stores Carl Hauch. Leonard Riggio remains executive chairman and will also be involved in its management.
The retailer said the action was taken by the company’s board of directors, who were advised by the law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP.