Borders Group, Inc. (BGP) disclosed in a filing with the regulatory that the Compensation Committee of its Board on January 29, 2010, adjusted the compensation of Michael Edwards, who was elected Interim President and Chief Executive Officer on January 25, replacing Ron Marshall, who left the company for another job.
Ann Arbor, Michigan-based Borders noted that Edwards will receive a monthly supplemental payment of $29,167 for his service in the current interim roles. This amount represents the monthly difference between a $750,000 annual salary and his current annual salary of $400,000.
This payment will be effective February 1, 2010 and will continue during the period that he serves in the interim roles, the company added.
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