July 4 (UPI) -- Barnes & Noble board members fired CEO Demos Parneros for "violations of the company's policies," the bookstore chain announced Tuesday.
"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," the company said in a statement.
Parneros's firing was effective immediately and he will not receive any severance payment and is no longer a member of Barnes & Noble's Board of Directors.
The company did not mention any specifics about which policies Parneros allegedly violated.
Parneros is the company's fourth CEP to depart in the past five years, according to The New York Times.
Parneros held the CEO position for just under 15 months. He was appointed to the bookstore's top spot in April 2017 and replaced Ronald Boire, who held the role for less than one year until board members decided he was "not a good fit for the company."
The company said it appointed a leadership group consisting of several other executives to take over operations until a replacement for Parneros is found.