Barnes & Noble terminates CEO Demos Parneros for violation of policies
The board Barnes & Noble announced the termination of its CEO, Demos Parneros, for violations of the company's policies. This action was taken by the company's board, who were advised by the law firm Paul, Weiss, Rifkind, Wharton & Garrison. Parneros' termination is not due to any disagreement with the company regarding its financial reporting, policies or practices or any potential fraud relating thereto, Barnes & Noble said in a statement. Parneros will not receive any severance payment and he is no longer a member of the company's board. Barnes & Noble has appointed a leadership group to share the duties of the office of the CEO until a new leader is named. Those appointed include: Allen Lindstrom, Chief Financial Officer, Tim Mantel, Chief Merchandising Officer and Carl Hauch, Vice President, Stores. Leonard Riggio remains Executive Chairman of the Company and will be involved in its management. The company said it will begin an executive search for a new CEO and that no changes in its goals or objectives are planned. Additionally, the company affirms its previously announced EBITDA guidance of $175M-$200M for fiscal 2019.