Barnes & Noble employees to CEO Demos Parneros: Good riddance
This week, struggling book retailer Barnes & Noble ($NYSE:BKS) fired CEO Demos Parneros for "violating company policies" in a manner that was quick, abrupt, and without much information.
No one knows — yet — what it is that Parneros did to get ousted to quickly and cleanly. He was simply cut off without any sort of parachute: no severance, no seat on the board, or any nice words of goodbye.
Barnes and Noble did say that the termination was "not due to any disagreement with the Company regarding its financial reporting, policies or practices or any potential fraud relating thereto."
It's a strange statement, and it's likely we'll know more soon, but if there was any writing on the wall when it comes to the culture Parneros was creating at Barnes and Noble, it could be found in employees' rating of the CEO on anonymous workplace review site Glassdoor.
After the new year, and during layoffs and store closings that Parneros said were necessary, employees took to Glassdoor to vent their unhapiness with the direction the CEO was taking the company.
As of today, Barnes and Noble still claims a decent retail footprint. It will be interesting to see what the encumbent CEO will do to keep doors open.