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TheStreet Open House

Borders CFO Mark Bierley Resigns

Stocks in this article: BGP

NEW YORK ( TheStreet) -- Borders Group (BGP) Chief Financial Officer Mark Bierley has resigned, the Ann Arbor, Mich.-based book seller said in a press release after Monday's closing bell.

The company named Glenn Tomaszewski, a vice president, to serve in the CFO role on an interim basis, and said Bierley would be helping with the transition process as it searches for a permanent replacement.

Shares of Borders fell 2 cents to close Monday at $1.19. The stock is still up 2.5% year-to-date, but it was trading above $3 as recently as mid-April.

Bierley is leaving the company "to pursue another employment opportunity," Borders said. The move comes after Bierley was named to the added position of chief operating officer on June 18.

It's been a busy year in the C-suite for Borders as Ron Marshall resigned from the president and CEO posts back in January to become CEO of Great Atlantic & Pacific Tea Co. (GAP). The company named Michael Edwards to serve as interim CEO at that time. In June, Bennett LeBow was named CEO of the parent company, while Edwards assumed the positions of president of Borders Group, and CEO of Borders Inc., the company's principle operating unit.

LeBow made a $25 million investment in the company back in May, purchasing 11.1 million common shares at $2.25 each as part of the deal, and he was named a director and chairman of Borders Group at that time.

Borders is expected to release its second-quarter results on Sept. 1. Also on the horizon is a special shareholders meeting on Sept. 29 in order to hold a vote on a proposal for approve issuance of a stock purchase warrant to acquire 35.1 million common shares at $2.25 each to an entity controlled by LeBow, as well as the issuance of the shares to be purchased.

On May 27, the company reported a loss from continuing operations of $64.5 million, or $1.08 a share, for its fiscal first quarter ended May 1. Total sales fell to $542.4 million in the quarter from $641.5 million in the same period a year earlier. Borders said at that time that its debt net of cash a stood at $294.7 million at the end of the first quarter, up 5.2% from a year earlier.

-- Written by Michael Baron in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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