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Friday, October 18, 2019  Spokane, Washington  Est. May 19, 1883
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Barnes & Noble terminates CEO for company policy violations

This Aug. 31, 2017  photo, shows a Barnes and Noble Booksellers store in Pittsburgh. Shares of Barnes & Noble Inc. tumbled Friday, Jan. 5, 2018, a day after the bookseller announced that sales at established stores and online sales fell during the key holiday period. (Gene J. Puskar / Associated Press)
This Aug. 31, 2017 photo, shows a Barnes and Noble Booksellers store in Pittsburgh. Shares of Barnes & Noble Inc. tumbled Friday, Jan. 5, 2018, a day after the bookseller announced that sales at established stores and online sales fell during the key holiday period. (Gene J. Puskar / Associated Press)
Associated Press

NEW YORK – Barnes & Noble Inc. is terminating CEO Demos Parneros after barely a year on the job for violating company policies.

The New York bookseller said Tuesday Parneros’ termination has nothing to do with financial reporting or potential fraud. It didn’t provide other specifics about which policies Parneros violated.

Parneros was appointed CEO in April 2017 after joining Barnes & Noble as chief operating officer in November 2016. He won’t receive severance or remain on the company’s board.

Three executives will lead Barnes & Noble while the company searches for a permanent replacement. Leonard Riggio, the company founder and chairman, will also be involved in management.

Parneros was Barnes & Nobles’ fifth CEO in less than a decade.

Law firm Paul, Weiss advised its board of directors on the move.

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