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Barnes & Noble Just Sacked CEO Demos Parneros

B&N just fired its latest CEO,      Demos Parneros     , who had been with the company for     less than two     year/years and had held the position of CEO for     about 14     days/weeks/months. According to B&N, the CEO was let go because     he violated company policies    , and the CEO’s replacement     is a committee   .

From CNBC:

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 lead the company through 5 quarters of declining revenue.  The post was vacant for 8 months before he was promoted from his job as COO, and before that the CEO was Ron Boire (who had the job for about 8 months), Len Riggio, and this guy:

I understand Pilot is once again under consideration for the position of CEO.

Good luck, Otto!

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Comments


Ed Bear 3 July, 2018 um 7:37 pm

Surely you jest!


asdf 3 July, 2018 um 7:50 pm

Quit calling me Shirley!


Karl 3 July, 2018 um 10:20 pm

Is losing money a violation of company policies? That doesn’t sound like the B&N we all know and love. Seems more likely he was chasing his secretary around his desk and she got tired of it.

Anyway, it will be great to have good ol' Otto back in the driver’s seat where he belongs.

Chris Meadows 3 July, 2018 um 11:41 pm

Whatever the reason, they fired him really suddenly. Less than a week ago, he was doing the CEO thing in the 4th quarter earnings call; today he’s out on his ear.

I smell some kind of potent scandal in the offing—perhaps something they knew was just about to hit the fan with maximum splatter effect, and when it did they wanted to be able to say they got rid of him the very moment they knew.

Should be interesting to watch for any further mentions of Parneros’s name in the news over the next few days…

Nate Hoffelder 4 July, 2018 um 7:10 am

Yes, this is not a regular firing – there’s no severance package. He must have done something really bad.

Nate Hoffelder 4 July, 2018 um 7:11 am

No, that would be SOP for B&N. If that had gotten Parneros fired then he’d have been given a severance package.


Xavier Basora 5 July, 2018 um 2:35 am

Regardless of what he did ( I really don’t think it’s sexual harassment more like money misconduct)
Whoever takes over the job will need to court the customers with a recommittment to Nook, revamped website and stop coming across as the traditional publishers bookstore.
It’s probably way too late and it should just sell its Nook division to kobo along with the client list; close the bookstores and call it a day.

xavier


Allen F 5 July, 2018 um 3:07 pm

Shorting their stocks would do it – not that anyone would expect their stocks to do better …


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