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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Borders boss leaves post after a year

Associated Press

NEW YORK – Borders Group Inc., the No. 2 traditional U.S. bookseller, said Tuesday its CEO Ron Marshall is leaving after about a year with the company to accept the CEO post at another retailer Borders didn’t name.

Marshall’s departure leaves Borders scrambling to find its fourth CEO in five years and follows a disappointing holiday season and three straight quarterly losses.

Borders named Marshall as CEO and president last January to replace George Jones. Marshall, founder of private equity firm Wildridge Capital Management, was hired for his turnaround skills.

But he struggled to make a mark with Borders, said Michael Norris, senior trade analyst at Simba Information.

“Ron never answered the question that I had since he took over year ago, ‘Why should I shop at Borders?’ ” Norris said. “Improving the cash flow by itself doesn’t do much to improve customer flow.”

Borders said it’s working with Korn/Ferry International to find a permanent replacement.

In the meantime, Chief Merchandising Officer Michael Edwards, 49, will serve as interim CEO.