Barnes & Noble ousts CEO for violating company policies

Barnes & Noble fired Chief Executive Officer Demos Parneros and said he would be leaving his position without receiving severance.

The ouster of Perneros is “not due to any disagreement with the company regarding its financial reporting, policies or practices or any potential fraud,” the retailer said in a statement Tuesday. A spokesperson for the bookseller told CBS MoneyWatch the company would not offer further comment.

The company will search for a new CEO with a leadership group appointed to fill the management void until a replacement is found, including CFO Allen Lindstrom and Tim Mantel, the company’s chief merchandising officer, the bookseller said. Leonard Riggio is still executive chairman.

Barnes & Noble’s board opted to terminate Parneros  under the counsel of the law firm Paul Weiss Rifkind Wharton & Garrison, the company said, without elaboration.

Parneros took over as CEO in April 2017, after serving as chief operating officer since November 2016. Before joining Barnes & Noble, he held multiple positions at Staples.

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