Barnes & Noble has ended its quest for a new chief executive with an in-house promotion.

The struggling bookseller named Demos Parneros as CEO, effective immediately. Parneros, who has served as COO of Barnes & Noble since November 2016, is a longtime Staples veteran. Prior to joining Barnes & Noble, he was president of North American stores & online for the office supply giant.

Parneros succeeds Leonard Riggio, the company’s founder and largest shareholder, who will remain chairman of the board. Riggio had been set to retire when he took the reins of the company in August 2016 when CEO Ronald…