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11.7 Percent Sales Drop and CEO Change at Borders

2003_borders_logo.gifOn the heels of a holiday sales drop, Ron Marshall, a principal at Wildridge Capital Management, has replaced Borders Group CEO George Jones. In all, three senior executives were replaced at the bookseller.

According to the company release, consolidated holiday sales were $868.8 million, dropping 11.7 percent from last year. In addition, two new executives were named in the shake-up: Mark Bierley is the new Chief Financial Officer and Anne Kubek is the new Executive Vice President.

The release highlighted the new CEO’s experience rehabbing floundering retail companies:

“Prior to founding Wildridge Capital, [Marshall] was Chief Executive Officer for eight years with Nash Finch Company, a $5 billion food distribution and retail organization, where Marshall was responsible for a turnaround that included the quadrupling of earnings over a six-year period as well as a 40% improvement in EBITDA over the same period. Marshall earlier helped drive a turnaround of $4 billion supermarket retailer Pathmark Stores, Inc.” (Via Bookseller)

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