Borders CFO Mark Bierley Resigns
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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV