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Barnes & Noble just fired CEO Demos Parneros after fourteen months on the job.
Barnes & Noble said Tuesday that it has fired CEO Demos Parneros for violating company policies.
The company did not specify exactly which policies were violated. It did say, however, that Parneros' termination "is not due to any disagreement with the Company regarding its financial reporting, policies or practices or any potential fraud relating thereto."
Parneros will not receive any severance and is no longer a director on its board, the company said in its statement. Barnes & Noble said it fired Parneros under the advice of its law firm Paul, Weiss, Rifkind, Wharton & Garrison.
Barnes & Noble said it will begin its search for a new CEO and that it has tapped a group of leaders to run the company in the interim. That group includes chief financial officer Allen Lindstrom, chief merchandising officer Tim Mantel and vice president of stores Carl Hauch.
Parneros joined the company in 2016 and was named CEO in 2017. He was previously president of Staples' North American stores and online.
Barnes & Noble's prior CEO was Ronald Boire, who lasted eight months on the job before being fired.
Previously: Barnes & Noble's "Bloody Monday"
Barnes & Noble Reports Holiday Revenues Down"
Barnes & Noble Pivots to Books
(Score: 0) by Anonymous Coward on Thursday July 05 2018, @01:20PM (3 children)
Had no idea that B&N was in such tough shape. I refuse to use Amazon (reasons) and often use the B&N website for books, including used books (from their "marketplace").
(Score: 0) by Anonymous Coward on Thursday July 05 2018, @01:30PM (1 child)
Odds are very good that, barring a miracle, Barnes & Noble won't last past 2020. The few people I know in the "book scene" are speculating for a closure announcement around March 2019.
(Score: 2) by takyon on Thursday July 05 2018, @01:53PM
One last
Christmasholiday hurrah, eh?[SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]
(Score: 0) by Anonymous Coward on Thursday July 05 2018, @05:26PM
I tried to use B&N's online rather than Amazon (reasons). Books listed as in-stock took two weeks for them to ship. I've ordered used books from small local bookstores via Abe and received them in far less time than that. That was my last order from B&N.