A violation of company policies has cost Barnes & Noble CEO Demos Parneros his job.
The retail chain did not detail the specific nature of how Parneros broke the rules but said that his firing “is not due to any disagreement with the company regarding its financial reporting, policies or practices or any potential fraud relating thereto,” according to a company filing on Thursday (July 5). “Mr. Parneros will not receive any severance payment, and he is no longer a member of the company’s Board of Directors.”
The board of directors, in firing Parneros, said it has followed the advice of the law firm Paul, Weiss, Rifkind, Wharton & Garrison.
The case was settled in 2020 and at the time, both sides released the following statement, which was emailed to PYMNTS:
“Former CEO Demos Parneros and Barnes & Noble have amicably settled all claims regarding his termination in 2018. This matter has been resolved with no judicial determination of wrongdoing. The terms of the settlement are confidential.”
At the time of the firing, while the retailer sought a new CEO, a “leadership group” oversaw Barnes & Noble. That group consisted of Chief Financial Officer Allen Lindstrom, Chief Merchandising Officer Tim Mantel and Vice President of Stores Carl Hauch. “Leonard Riggio remains executive chairman of the company and will be involved in its management,” the company said in its filing.
Parneros worked at Barnes & Noble since 2016 and took over as CEO in 2017. He had come from Staples, where he was president of its North American stores and online. Barnes & Noble stock price reportedly declined 32 percent under Parneros’ time as CEO.
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