Barnes & Noble Inc. is terminating CEO Demos Parneros after barely a year on the job for violating company policies.
The New York bookseller said Tuesday Parneros' termination has nothing to do with financial reporting or potential fraud. It didn't 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 won't 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.
Shares of Barnes & Noble have lost nearly 17% over the past 12-months.