Barnes & Noble Announces CEO Termination
July 03 2018 - 4:25PM
Business Wire
The Board of Directors of Barnes & Noble, Inc. (NYSE:
BKS) today announced the termination of its Chief Executive
Officer, Demos Parneros, for violations of the Company’s policies.
This action was taken by the Company’s Board of Directors who were
advised by the law firm Paul, Weiss, Rifkind, Wharton &
Garrison LLP. 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. Mr.
Parneros will not receive any severance payment and he is no longer
a member of the Company’s Board of Directors.
In order to ensure continuity going forward, the Company has
appointed a leadership group to share the duties of the office of
the CEO until a new leader is named. Those appointed include: Allen
Lindstrom, Chief Financial Officer, Tim Mantel, Chief Merchandising
Officer and Carl Hauch, Vice President, Stores. Leonard Riggio
remains Executive Chairman of the Company and will be involved in
its management.
The Company said it will begin an executive search for a new CEO
and that no changes in its goals or objectives are planned.
Additionally, the Company affirms its previously announced EBITDA
guidance of $175 million to $200 million for fiscal 2019.
A reconciliation of the Company’s EBITDA guidance to operating
income is included in the press release issued by the Company on
June 21, 2018. EBITDA means earnings before interest, tax,
depreciation and amortization.
About Barnes & Noble, Inc.Barnes & Noble, Inc.
(NYSE: BKS) is the nation’s largest retail bookseller, and a
leading retailer of content, digital media and educational
products. The Company operates 630 Barnes & Noble bookstores in
50 states, and one of the Web’s premier e-commerce sites, BN.com
(www.bn.com). The Nook Digital business offers a lineup of popular
NOOK® tablets and eReaders and an expansive collection of digital
reading and entertainment content through the NOOK Store®. The NOOK
Store (www.nook.com) features digital books, periodicals and
comics, and offers the ability to enjoy content across a wide array
of popular devices through Free NOOK Reading Apps™ available for
Android™, iOS® and Windows®.
General information on Barnes & Noble, Inc. can be obtained
by visiting the Company's corporate website at
www.barnesandnobleinc.com.
Forward-Looking StatementsThis press release contains
certain forward-looking statements (within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended) and information
relating to Barnes & Noble that are based on the beliefs of the
management of Barnes & Noble as well as assumptions made by and
information currently available to the management of Barnes &
Noble. When used in this communication, the words “anticipate,”
“believe,” “estimate,” “expect,” “intend,” “plan,” “will,”
“forecasts,” “projections,” and similar expressions, as they relate
to Barnes & Noble or the management of Barnes & Noble,
identify forward-looking statements.
Such statements reflect the current views of Barnes & Noble
with respect to future events, the outcome of which is subject to
certain risks, including, among others, the general economic
environment and consumer spending patterns, decreased consumer
demand for Barnes & Noble’s products, low growth or declining
sales and net income due to various factors, including store
closings, higher-than-anticipated or increasing costs, including
with respect to store closings, relocation, occupancy (including in
connection with lease renewals) and labor costs, the effects of
competition, the risk of insufficient access to financing to
implement future business initiatives, risks associated with data
privacy and information security, risks associated with Barnes
& Noble’s supply chain, including possible delays and
disruptions and increases in shipping rates, various risks
associated with the digital business, including the possible loss
of customers, declines in digital content sales, risks and costs
associated with ongoing efforts to rationalize the digital
business, risks associated with the eCommerce business, including
the possible loss of eCommerce customers and declines in eCommerce
sales, the risk that financial and operational forecasts and
projections are not achieved, the performance of Barnes &
Noble’s initiatives including but not limited to new store concepts
and eCommerce initiatives, unanticipated adverse litigation results
or effects, potential infringement of Barnes & Noble’s
intellectual property by third parties or by Barnes & Noble of
the intellectual property of third parties, and other factors,
including those factors discussed in detail in Item 1A, “Risk
Factors,” in Barnes & Noble’s Annual Report on Form 10-K for
the fiscal year ended April 28, 2018, and in Barnes & Noble’s
other filings made hereafter from time to time with the SEC.
Should one or more of these risks or uncertainties materialize,
or should underlying assumptions prove incorrect, actual results or
outcomes may vary materially from those described as anticipated,
believed, estimated, expected, intended or planned. Subsequent
written and oral forward-looking statements attributable to Barnes
& Noble or persons acting on its behalf are expressly qualified
in their entirety by the cautionary statements in this paragraph.
Barnes & Noble undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise after the date of this
communication.
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version on businesswire.com: https://www.businesswire.com/news/home/20180703005600/en/
Barnes & Noble, Inc.Media:Mary Ellen Keating,
212-633-3323Senior Vice President, Corporate
Communicationsmkeating@bn.comorInvestors:Andy Milevoj, 212-633-3489Vice
President, Investor Relations and Corporate
Financeamilevoj@bn.com
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