Barnes & Noble (NYSE: BKS), which only has a semi-permanent CEO, now has a new second-in-command. The bookstore chain has named Demos Parneros, a former Staples executive, as COO, reporting to Len Riggio, the company’s chief executive. Barnes & Noble fired its previous top executive, Ronald D. Boire, after less than a year, saying he was “not a good fit.” Riggio, one of the company’s founders, then took the job over in what was supposed to be a temporary delay of his planned retirement.
In his new job, Parneros, whose appointment is effective immediately, will work closely with Riggio on all aspects of company operations including stores, merchandising, e-commerce, systems and real estate, according to a press release. No mention was made of whether the new COO might be being groomed to ultimately take the top job.
Who is Barnes & Noble’s new COO?
Parneros was most recently president of Staples’ North American stores and its digital operations. He started his career at the office supply chain as general manager of its first New York store in 1987. He then steadily progressed up the ranks, serving as SVP Mid-Atlantic Operations, president of U.S. Stores, and president of U.S. Retail. In his final job with the chain, President North American Stores & Online, he was responsible for a team of 50,000 employees, across 1,800 stores and Staples’ online business.
“We couldn’t be happier to have Demos join Barnes & Noble, given his wealth of experience in specialty retail,” said Riggio. “We believe his enviable track record will lend itself well to our priorities to grow our business and to bring value to our shareholders. Demos has been a strong leader throughout his career and we believe he will be successful in adapting to the bookselling industry.”
Is this a good move?
While it might be too soon to call Parneros the heir apparent to the CEO job, that seems likely to be the company’s intention. It makes sense for Barnes & Noble to bring in an executive who has worked across so many positions at another troubled retailer. In addition, given the bookstore’s digital struggles, its new COO’s digital experience should be put to the test as well.
This seems like a smart hire for a chain that needs to reinvent itself. Some of that work is under way, but much needs to be done, and Parneros seems like a good fit to make things happen.
A secret billion-dollar stock opportunity
The world’s biggest tech company forgot to show you something, but a few Wall Street analysts and the Fool didn’t miss a beat: There’s a small company that’s powering their brand-new gadgets and the coming revolution in technology. And we think its stock price has nearly unlimited room to run for early in-the-know investors! To be one of them, just click here.
Daniel Kline has no position in any stocks mentioned.
{loadposition user99}