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Barnes & Noble sacks CEO over violation of company policies

Barnes & Noble Inc. fired its CEO, Demos Parneros, over violation of company policies, the company said July 3.

Parneros will not receive any severance pay and is no longer a director on the company's board. The termination was advised by Barnes & Noble's law firm Paul Weiss Rifkind Wharton & Garrison LLP.

The company noted that Parneros was not terminated "due to any disagreement with the company regarding its financial reporting, policies or practices or any potential fraud." It also reaffirmed its prior guidance range for fiscal 2019 EBITDA of $175 million to $200 million.

The New York-based retail bookseller said it will begin a search for a new CEO. In the meantime, it has appointed a leadership group to share the duties of the role until a new leader is named. That group includes CFO Allen Lindstrom, Chief Merchandising Officer Tim Mantel and vice president of stores Carl Hauch.

Leonard Riggio remains executive chairman.

Parneros joined the company in 2016 and became CEO the following year.