Having terminated the services of its CEO citing violations of policies, the Nook tablet maker is now on the hunt for a replacement CEO.
Barnes & Noble Inc stated it has discontinued the services of its CEO Demos Parneros citing violations of its policies.
The company mentioned that this action was taken by its board of directors.without providing any 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,” said Barnes & Noble Inc.
It further clarified that Parneros is no longer the member of its board and will not receive any severance pay.
Parneros had joined the company as its chief operating officer (COO) in November 2016 and became its CEO in April 2017.
While it searches for its new CEO, a leadership group will share the responsibilities of the CEO till a suitable candidate is found.
Barnes & Noble Inc’s ouster of its CEO was based on the advise of law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP.