Barnes & Noble appoints new CEO amid sales slump

In the US, bookselling chain Barnes & Noble has appointed Demos Parneros as its CEO, replacing interim chief Len Riggio, reports Publishers Weekly.

Riggio has served as CEO since August 2016, when he replaced Ron Boire after less than a year in the role. Parneros was appointed chief operation officer in November after serving as Staples president of online and sales.

Barnes & Noble’s most recent fiscal report, for the third quarter ending 28 January, showed sales fell eight percent on the previous year. The results led the company to scale back its 2017 EBITDA (earnings before interest, taxes, depreciation and amortization) projections to $180m-$190m, with store sales projected to decline between six-to-seven percent.

Parneros told Publishers Weekly there is ‘no doubt’ that reversing recent sales trends is his top priority, identifying falling customer traffic as the biggest problem for the chain. Parneros also signalled the company remains committed to selling ebooks through the Nook ereader.

Category: International news