UPDATE: In October 2020, Demos Parneros and Barnes & Noble asked a Manhattan federal judge to dismiss all claims and counterclaims. Their joint statement read: “Former CEO Demos Parneros and Barnes & Noble have amicably settled all claims regarding his termination in 2018. This matter has been resolved with no judicial determination of wrongdoing. The terms of the settlement are confidential.”
Barnes & Noble Inc said on Tuesday it terminated Demos Parneros as chief executive officer, citing violations of the bookseller’s policies.
The company said the action was taken by its board, but did not provide further details.
“Parneros’ termination is not due to any disagreement with the company regarding its financial reporting, policies or practices or any potential fraud relating thereto,” the company said.
Barnes & Noble said Parneros will not receive any severance payment and he is no longer a member of the board.
Parneros, who joined the company as chief operating officer in November 2016, became its CEO in April 2017.
The company said it would begin search for a new chief executive, and a leadership group would share the responsibilities of the CEO till a suitable candidate is found.
The company’s board was advised by law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP on Parneros’ removal.