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
and an executive at
"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.
Meanwhile, Borders said it has been notified by the
New York Stock Exchange
that it doesn't meet one of the standards for continued listing because the average closing price of the company's common stock was less than $1 a share during a consecutive 30-trading-day period. The company will notify the NYSE in the next few days of how it plans to remedy the situation.
Further, the NYSE advised the company that its current market capitalization is approaching the minimum allowable levels.
Recently, shares of Borders were up 11 cents at 56 cents. Competitor
Barnes & Noble
was gaining $1.77 at $17.09.
This article was written by a staff member of TheStreet.com.