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Barnes & Noble fires CEO Demos Parneros for violating company’s policies

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Staff Writer | New York, N.Y., USA | July 4, 2018
Demos ParnerosBarnes & Noble, a retail bookseller, announced the termination of its chief executive officer, Demos Parneros, for violations of the company’s policies.
This action was taken by the Company’s Board of Directors who were advised by the law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP.

Mr. Parneros’ termination is not due to any disagreement with the Company regarding its financial reporting, policies or practices or any potential fraud relating thereto.

Mr. Parneros will not receive any severance payment and he is no longer a member of the Company’s Board of Directors.

Before beign promoted to CEO, Mr. Parneros has been Chief Operating Officer of Barnes & Noble since November 2016.

Mr. Parneros joined the Company with 30 years of leadership experience in all aspects of retail management, including operations, human resources, merchandising, e-commerce, marketing and real estate.

Prior to joining the Company, he served as President, North American Stores & Online at Staples, Inc.

Mr. Parneros joined Staples in 1987 as a General Manager and worked his way up the ranks through multiple management positions, including Senior Vice President Mid-Atlantic Operations, President, US Stores, President, US Retail, and President North American Stores & Online, where he was responsible for a team of 50,000 associates and 1,800 stores and Staples’ online business.

Mr. Parneros has been a director of KeyCorp since January 2014 and a director at Modell’s Sporting Goods since July 2009.

He received his B.S. from New York University and graduated from Harvard Business School’s Advanced Management Program.

In order to ensure continuity going forward, the Company 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.