NEW YORK (AP) – Barnes & Noble Inc. is terminating Cypriot-American CEO Demos Parneros after barely a year on the job for violating company policies.
The New York bookseller said on July 3 Parneros’ termination has nothing to do with financial reporting or potential fraud. It did not 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 will not 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.
Parneros served as Barnes & Noble’s Chief Operating Officer from November 2016. In that role, he was responsible for all aspects of Company operations including stores, merchandising, e-Commerce, systems, and real estate.
According to his biography, Parneros was previously President, North American Stores & Online, for Staples, Inc. and has 30 years of leadership experience in all aspects of retail management, including operations, human resources, merchandising, e-commerce, marketing, and real estate.
He started his career at Staples as General Manager of its first New York City store in 1987 and worked his way up the ranks through multiple management positions, including SVP Mid-Atlantic Operations; President, U.S. Stores; President, U.S. Retail; and President, North American Stores & Online, where he was responsible for a team of 50,000 associates, across 1,800 stores, and Staples’ online business.
Parneros was born in Cyprus and moved to New York City with his family when he was in elementary school. He is a graduate of New York University with a Bachelor of Science in Management and Harvard Business School’s Advanced Management Program.