Barnes & Noble Fires Its CEO Parneros Without Severance Pay

Barnes & Noble boots out CEO for policy violations

Barnes & Noble boots out CEO for policy violations

The company also revealed that Parneros is no longer the director of the board and he's no longer a board member as well.

The struggling retailer said on Tuesday that it had terminated Chief Executive Demos Parneros for unspecified "violations" of the company's policies, ending a 14-month stint at the helm of the largest US bookstore chain. The bookseller did not elaborate on the reason for Parneros' firing, but it clarified that it wasn't due to any disagreement over financial reporting or fraud, The Wall Street Journal reports.

The company's board was advised by law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP on Parneros' removal.

Barnes and Noble has had a tumultuous time in retaining a CEO for more than a few years.

Parneros is the company's fourth CEP to depart in the past five years, according to The New York Times.

Parneros, 56, just wrapped up his first year as CEO this spring.

Before Boire, Michael P. Huseby resigned in July 2015.

The book seller will begin a search for a new CEO.

Over the course of the past year total sales fell 6% to $3.7 billion and Barnes and Noble recorded a net loss of $125.5 million compared to a profit of $22 million the year before.

Barnes & Noble has fired CEO Demos Parneros.

The company said that until a new CEO is named, it will be run by an "office of the CEO" made up of finance chief Allen Lindstrom, chief merchant Tim Mantel, and head of stores Carl Hauch.

Barnes & Noble has been battered by digital competition, most notably from Amazon.com, and has struggled with declining foot traffic, shrinking sales and store closures.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.