- After less than one year on the job
- Riggio will remain as Chairman at Barnes & Noble
- Riggio said 59 words
(exechange) — New York, April 27, 2017 — Len Riggio, chief executive of Barnes & Noble, hands over the reins. It is an abrupt change. As announced by Barnes & Noble, Inc. in a news release and in a regulatory filing published on Thursday, April 27, 2017, Leonard (Len) Riggio leaves the post as Chief Executive Officer at the largest retail bookseller in the United States after less than one year on the job, effective immediately.
Riggio’s duties are taken over by Demos Parneros, most recently Chief Operating Officer at Barnes & Noble, Inc.
The move is a generational change as well. Demos Parneros is about 20 years younger than Len Riggio.
“Demos is a perfect fit”
The sudden management change is explained as follows. Riggio said: “It has become abundantly clear over the last five months that Demos is a perfect fit for our Company and an outstanding choice for Chief Executive Officer.”
Riggio will remain as Chairman at Barnes & Noble
“Commensurate with the appointment of Mr. Parneros, Leonard Riggio will step down as CEO and remain Chairman of the Board of Directors,” Barnes & Noble said.
Leonard Riggio will continue to be a member of the Board and will be the Board’s Non-Executive Chairman.
Barnes & Noble said: “Leonard Riggio will step down as CEO.”
Share price decline
The change follows a decline in the share price of Barnes & Noble, Inc. since July 2015.
Abrams Capital Management holds 14.33 percent stake
Abrams Capital Management, L.P. reported a 14.33 percent stake in Barnes & Noble, Inc. as of December 31, 2016. Abrams Capital Management is a hedge fund.
On the job as CEO since 2016
Riggio served as CEO of Barnes & Noble since August 16, 2016.
Leonard Riggio is the founder of the Company and has been Chairman of the Board and a principal stockholder since its inception in 1986.
He served as Chief Executive Officer from 1986 through February 2002.
He was Chairman of the Board, Chief Executive Officer and the principal stockholder of Barnes & Noble College Booksellers, Inc. (B&N College, a subsidiary of the Company until August 2, 2015), one of the nation’s largest operators of college bookstores, from 1965 and until its acquisition by the Company in September 2009.
Since 1985, Riggio has been a principal beneficial owner of MBS Textbook Exchange, Inc. (“MBS”), one of the nation’s largest wholesalers of college textbooks.
He also served as a director of GameStop Corp. (“GameStop”), a national video game retailer from 2001 to 2011.
Read the full story in the exechange report 18.2017 ($).