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 .
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!