Barnes & Noble fired its CEO Demos Parneros without a severance package for an undisclosed violation of company policies, according to CNBC.
The company said Mr. Parneros' termination "is not due to any disagreement with the Company regarding its financial reporting, policies or practices or any potential fraud relating thereto," according to CNBC.
Mr. Parneros joined Barnes & Noble as COO in November 2016 and became CEO in May 2017. He is the fourth Barnes & Noble CEO to leave in the last five years, according to The New York Times.
The company is beginning its search for a new CEO internally, with CFO Allen Lindstrom, Chief Merchandising Officer Tim Mantel and Vice President of Stores Carl Hauch all considered top candidates.