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Barnes & Noble Paid Former CEO Boire $4.8 Million in Separation Agreement

SEARS CANADA INC. - Sears Canada Announces President and CEORon Boire was the CEO of Barnes & Noble for less than a year before getting sacked in August 2016, but he hasn’t suffered at all from the dismissal.

On Friday B&N filed paperwork with the SEC which revealed that the bookseller has settled with Boire over his employment contract, and has agreed to pay him $4,825,600.  B&N has also agreed to release a statement which reads "The Company regrets that things did not work out for the longer term between Mr. Boire and the Company.  The Company appreciates Mr. Boire’s efforts on behalf of the Company, and the Company wishes Mr. Boire the best going forward."

As part of the settlement Boire has agreed to forfeit all stock awards, including the 287,080 shares he received in July 2016 and the 368,098 shares he was granted last September when he became CEO.

Boire was hired away from Sears Canada in July 2015, and took the position of CEO at B&N in September. He presided over several lackluster quarters before quietly getting the pink slip. B&N has not said why he was fired, exactly, but they are searching for his replacement. (I understand Jeff Bezos has already declined the privilege.)

Can you imagine how poor of a choice Boire must have been that he left before his replacement was found?

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