Barnes & Noble's Board Cagey on CEO Firing: Was it a good call?

eBriefing

July 9, 2018
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Featured Article

 

Barnes & Noble’s Fired-CEO Secret is Unusual

By Eve Tahmincioglu

The government report by Barnes & Noble Inc. about the termination of the company’s CEO Demos Parneros, filed on the eve of the Independence Day holiday, was short and lacking key details about why he was getting the boot:

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 light of long string of scandals involving top executives at companies — including Intel, Wyndham, Priceline, etc. — where the bad behavior was made public, Barnes & Noble’s lack of transparency is atypical, say governance and communications experts.

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Expert Opinion

Can Boards Consider Societal Good, Not Just Profits?

By Eve Tahmincioglu

The drumbeat to get corporate American to strategically bolster the greater good is intensifying.

Environmental, social and governance, known as ESG, has come to the fore across industries as investors are moving from short-term to long-term stability and gains for shareholders. The issues that fall under this umbrella include environmental impact and adaption; community involvement and employee relations; and transparent corporation governance.

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Serving on the board of a privately owned company is a great opportunity to apply your skills and insights without the regulatory regime of public company board service. But you may encounter potential issues in terms of liability which can be unique to private companies. Join Moses & Singer LLP partners, David Lee Kovac, Allan Grauberd, Lindsay Kaplan and David Shaw of  Directors & Boards and  Private Company Director for a free webinar July 18 at 2 p.m. ET as they explore three key areas to consider: due diligence, indemnification, and directors and officers insurance. The webinar is sponsored by Moses & Singer LLP.

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