Parneros will not receive severance pay and is no longer a member of the company's board of directors.
Barnes & Noble Inc. has fired Chief Executive Demos Parneros, citing company policy violations. The bookseller did not elaborate on the reason for Parneros' firing, but it clarified that it wasn't due to any disagreement over financial reporting or fraud, The Wall Street Journal reports.
Parneros' departure creates a new period of uncertainty in the company's corner office: Parneros immediate predecessor Ron Boire was ousted in 2016 after less than a year after the company said he was not a "good fit".
Parneros, 56, just wrapped up his first year as CEO this spring. In late 2017, Barnes & Noble said it would exit some gift and toy products, and focus more on its core bookselling business. On the other hand, William Lynch stepped down from the top position in July 2013, according to the New York Times.
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Barnes and Noble will try and find a new CEO and it might take awhile. For now, it is asking a group of leaders to run the company in the interim.
Parneros had plans to gradually update Barnes & Noble's 630-store fleet with smaller stores and more cafes. Amazon is aggressively expanding into physical retail, with more than a dozen bookstores around the country and a growing number of pop-up stores, as well as an expanded physical footprint through its acquisition of Whole Foods.
Over the course of the past year total sales fell 6% to $3.7 billion and Barnes and Noble recorded a net loss of $125.5 million compared to a profit of $22 million the year before.