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Barnes and Noble
Inc.
dismissed general manager Demos Parneros, citing violations of company policy.
The bookseller said Tuesday that
Mr Parneros
Barnes & Noble did not disclose which rules Mr. Parneros may have violated, but stated that the decision was not related to a disagreement over the financial information. or any potential fraud.
A group of current leaders, including the chief financial officer
Allen Lindstrom,
will share the duties of chief executive officer on a temporary basis until a replacement of Mr. Parneros is hired, the company said.
Leonard Riggio,
Barnes & Noble, who helped make Barnes & Noble the largest chain of listed bookstores in the country, will also be involved in management decisions, the company said. Mr. Riggio is the largest private shareholder.
The next CEO would be Barnes & Noble's fourth in the last two years.
million. Parneros could not be reached immediately for comment. A representative of the company declined to comment beyond the announcement. The board was advised by the law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP, the company said
. Parneros, a longtime executive who previously worked as president at Staples Inc., joined the retailer in 2016 as Chief Operating Officer. He was promoted to Chief Executive Officer in April 2017, replacing Mr. Riggio.
Barnes & Noble shares, down 20% over the past year, remained unchanged after hours trading.
Write to Maria Armental at [email protected]
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