Barnes & Noble Just Fired its CEO Over This

Demos Parneros…. you’re fired!

Parneros, who led Barnes & Noble, was axed from the company as its CEO for violating company policies.

There was no mention of which policies in particular the executive violated, but it’s apparent that the book selling retailer doesn’t mess around.

The company did say however that letting him go “is not due to any disagreement with the Company regarding its financial reporting, policies or practices or any potential fraud relating thereto.”

The company also said that Parneros would not be getting any severance and he would no longer be a director on its board.

Barnes & Nobile will start actively searching for a new leader and has appointed a group of leaders to run the company in the interim. They include CFO allen Lindstrom, vice president of stores Carl Hauch, and chief merchandising officer Tim Mantel.

Parneros was named CEO in 2017 and before that was president of Staples’ North American stores and online.

Since he took office, the stock has seen a loss of 32%.

Disclaimer: We have no position in Barnes & Noble, Inc. (NYSE: BKS) and have not been compensated for this article.