Barnes & Noble terminates CEO: Never violate company policy, Barnes & Noble reiterated Tuesday after giving its CEO the boot. As a Fortune 500 company, Barnes & Noble knows that loyalty goes a long way. This week Barnes & Noble terminated CEO Demos Parneros, stating that Mr. Parneros violated the bookselling company’s policies.
Barnes & Noble Terminates CEO – What We Know
In a statement, Barnes & Noble said that Parneros was not terminated due to “any disagreement with the company regarding its financial reporting, policies, or practices or any potential fraud relation thereto.”
Mr. Parneros became CEO of Barnes & Noble in 2017, after joining the company a year prior. And despite the company saying there was no disagreement, the businessman will not receive any severance.
It makes one wonder which policies Parneros violated. Barnes & Noble did not provide any details, and they were very clear that there was no disagreement – which has caused some people to wonder whether that’s true. What other reason would there be for not giving severance?
Demos Parneros
This isn’t the first CEO to be ousted by Barnes & Noble. Before Parneros, there was Ronald Boire. In August of 2016, Boire was declared “not a good fit” for Barnes & Noble and was let go.
Barnes & Noble Terminates CEO – Now What?
Based on the reports, the company is already well underway with its search for a new Barnes & Noble CEO. Until the perfect woman or man is found, Barnes & Noble has reportedly tapped a few leaders to guide the company in the interim.
Barnes & Noble Stock (NYSE:BKS)
On the day of the news (July 3rd), Google Finance reported that Barnes & Noble closed the day trading at $6.00. This means the stock ended the day down 4.38%.
The Takeaway
What do you think about the news of Barnes & Nobles terminating its CEO? It certainly has people talking.
>> Broadcom Shares Underperform Compared to Industry Trends
Featured Image: Twitter
