Borders Names New CEO
Borders (BGP) said Monday it has shuffled its management ranks, including naming a new CEO.
Effective immediately, Ron Marshall, who was most recently with private-equity firm Wildridge Capital Management, will be president and chief executive. He will also serve as a director. Marshall, 54, replaces George Jones, who led the bookseller since July 2006.
Before founding Wildridge, Marshall was CEO at Nash Finch (NAFC) and an executive at Pathmark.
"Progress has been made by Borders Group over recent quarters within the challenging economy to reduce debt, improve cash flow, cut expenses, enhance inventory productivity and improve margins, but it is imperative that the company more aggressively attack these initiatives to address its long-term future," said Borders Chairman Larry Pollock, in a press release.In addition to Marshall's appointment, Mark Bierley has been named chief financial officer and executive vice president of finance. He replaces Ed Wilhelm, who joined Borders in 1994 and held the CFO position for the past eight years. Additionally, Anne Kubek has been selected as executive vice president, merchandising and marketing, replacing Rob Gruen. Dan Smith, who has been with Borders since 1995, has been named to the new position of chief administrative officer. Borders also released its sales results for the nine-week holiday period ended Jan. 3. Total consolidated sales were $868.8 million, an 11.7% decline from the same period a year earlier. Same-store sales at Borders superstores fell 14.4%. Overall, holiday sales started slow and improved during the latter part of the season, Borders said.
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