Editor’s note: This article was updated on Feb. 15, 2023 to reflect that Demos Parneros and Barnes & Noble amicably settled all claims related to Parneros’ termination in 2020. Barnes & Noble no longer trades as BKS stock following its acquisition by Elliott Management.
Barnes & Noble (NYSE:BKS) is searching for a new CEO after firing Demos Parneros.
According to Barnes & Noble, Demos Parneros was fired from the company for violating its policies. However, it doesn’t go into detail about what these violations were. It does note that the termination wasn’t due to differences of opinion in connection to its “financial reporting, policies or practices or any potential fraud.”
The firing of Demos Parneros comes with some extra string for the former Barnes & Noble CEO. His termination by the company doesn’t include any kind of severance pay. It also removes him from BKS’ Board of Directors.
Barnes & Noble notes that it took this action against its former CEO at the advice of law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP. The company also notes that it has a team taking over Parneros’ duties until a new Barnes & Noble CEO is found.
The temporary management team taking over the Barnes & Noble CEO duties is made up of the following people.
- Chief Financial Officer Allen Lindstrom
- Chief Merchandising Officer Tim Mantel
- Vice President of Stores Carl Hauch
- Executive Chairman Leonard Riggio
The company notes that it is already preparing to search for the next new Barnes & Noble CEO. It says that the firing of Demos Parneros and search for a new CEO doesn’t mean there are any changes to its current goals or plans.
BKS stock was down slightly as of noon Thursday. The stock is also down 15% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
