Barnes & Noble boots out CEO for policy violations

Updated: Wed, Jul 04, 2018
04:45 am
Reuters
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Barnes & Noble Inc said on Tuesday it terminated Demos Parneros as chief executive officer, citing violations of the bookseller`s policies.

The company said the action was taken by its board, but did not provide further details.

"Parneros` termination is not due to any disagreement with the company regarding its financial reporting, policies or practices or any potential fraud relating thereto," the company said.

Barnes & Noble said Parneros will not receive any severance payment and he is no longer a member of the board.

Parneros, who joined the company as chief operating officer in November 2016, became its CEO in April 2017.

The company said it would begin search for a new chief executive, and a leadership group would share the responsibilities of the CEO till a suitable candidate is found.

The company`s board was advised by law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP on Parneros` removal.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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