May 13, 2019
Former B&N CEO Parneros continues the fight against former employer, winning backpay on legal fees
by Alex Primiani
According to last Friday’s Shelf Awareness newsletter, a judge has ordered Barnes & Noble to pay half of all legal fees and legal expenses for former CEO Demos Parneros, who sued his former employer after they fired him last August, without severance.
According to the post, Parneros saw his chance at some form of redemption in his contract with B&N, which stated “that B&N would provide for indemnification ‘against all actions, suits, claims, legal proceeding and the like.'”
Judge John G. Koeltl agreed.
Our very own Simon Reichley has been covering the story for Moby Lives since last summer, when Parneros was unceremoniously let go without severance after fourteen months as CEO of the company. Reichley points to “the company’s stock value [dropping] by a third and [losing] $125 million dollars.” Reichley also wrote on the countersuit Parneros began last October.
Alex Primiani is the associate director of publicity at Melville House.