Borders Group, Inc. (BGP), the second largest U.S. bookstore chain, said its Chief Executive Officer Ron Marshall has resigned, effective immediately, to accept a similar position at another publicly held retailer.
The Ann Arbor, Michigan-based company has appointed Executive Vice President and Chief Merchandising Officer Michael Edwards as the Interim Chief Executive Officer. Edwards, a 26-year retail veteran with CEO experience, joined Borders in September last year. Marshall will assist the company in the transition process.
Borders said it has hired Korn/Ferry International to find a permanent replacement.
"Borders appreciates Ron's contributions during his tenure with the company," said Borders Chairman Mick McGuire. "In 2009, he and Chief Financial Officer Mark Bierley helped Borders make substantial operational and financial improvements that are driving increased cash flow, reducing debt and positioning Borders to pursue new growth opportunities, including recently announced partnerships to provide high-quality digital content for the industry's next generation of e-Reading devices.
Marshall's resignation comes a week after Borders reported lower sales for the recently concluded holiday period. The company's total consolidated sales for the 11-week holiday period ended January 16 were $846.8 million, a 13.7% drop compared to the same period last year.
Marshall, founder of private equity firm Wildridge Capital Management, was appointed President, Chief Executive Officer and a director of Borders Group in January last year to replace George Jones.
Borders Group shares are currently trading at $0.96, down 13 cents or 11.93%.
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