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Borders Names New CEO

6 Jan, 2009 By: Angelique Flores

Borders announced a new CEO and other top managers Jan. 5 when it also reported weak holiday sales. The bookselling chain named Ron Marshall, 54, the founder of private equity firm Wildridge Capital Management, to replace George Jones as CEO and also serve as president and a director.

The company said Marshall had been involved in the turnaround of other companies as CEO of food distributor and retailer Nash Finch Co. during its financial difficulties and as CFO of Pathmark Stores Inc., now a unit of the Great Atlantic & Pacific Tea Co.

The Ann Arbor, Mich.-based company also said its stock is in danger of being delisted from the New York Stock Exchange. Company shares have lost nearly all of their value in recent months as they face larger-than-expected losses and financing woes.

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