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Posts Tagged ‘George Jones’

Book Stock Watch: Borders Executive Pay

308.jpegEarlier this week, the Detroit Free Press looked at the salaries of current and former Borders Group, Inc. executives. Here’s an excerpt: “Former CEO and President George Jones received $4.6 million in salary, stock and other compensation in fiscal 2008, which ended Jan. 31. Edward W. Wilhelm, former chief financial officer, was paid $2.3 million last year.”

GalleyCat has been tracking the stock performance of the major companies that influence the bookselling business. We created this chart with eight publicly-traded publishing stocks hand-picked by GalleyCat readers–including company name, symbol, current stock price, and price increase or decrease at week’s close.

The McGraw-Hill Co. MHP 29.07 1.27
Books-A-Million, Inc. BAMM 5.33 0.09
Borders Group, Inc. BGP 2.23 0.21
Amazon.com, Inc. AMZN 84.46 3.85
Barnes & Noble, Inc. BKS 26.13 0.96
Wiley John & Sons Inc. JW.A 33.36 0.02
Scholastic Corporation SCHL 20.09 1.05
News Corporation NWS 8.92 0.27

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Borders Q2 Results

Yesterday afternoon Borders reported results for the second fiscal quarter, ended Aug. 4, 2007. At $945.1 million, second quarter consolidated sales were up by 10.4% over the same period in 2006. Led by record sales of HARRY POTTER AND THE DEATHLY HALLOWS, comparable store sales within domestic Borders superstores increased by 4.6%. The company recorded a second-quarter consolidated loss, on a GAAP basis, of $0.43 per share. Excluding non- operating charges, the second quarter consolidated loss was $0.26 per share.

“Progress is clearly being made at Borders Group as we continue to execute our strategic plan and are beginning to see improved performance,” said Chief Executive Officer George Jones. “Harry Potter certainly gave us a big boost in sales across all businesses, yet even without it, we achieved positive same-stores sales results that are directly attributable to our focus on execution and more effective use of the Borders Rewards loyalty program to drive increased traffic to our stores. We have significantly more work to do, and we remain committed to staying on-track to deliver sales and earnings growth consistent with the long-term financial goals we set forth in our strategic plan.”

Borders Gets New CIO

The Book Standard reports that Susan Harwood has joined Borders as chief information officer, an appointment that was briefly announced along with the resignation of Cedric Vanzura. Harwood, who will report to CEO George Jones, comes from Books-A-Million, where she served as vice president of information technology.

“Technology is central to our mission to be a headquarters for knowledge and entertainment,” Jones said. “Susan is a proven leader with decades of experience in information technology and in the retail book business. After a comprehensive search, we are delighted to have Susan guiding our IT team and helping to lead the company toward the successful execution of our strategic plan for the future of Borders Group.”

Borders Picks Two New VPs


Borders announced yesterday that they have created two new vice-president positions within the company. Teresa Wright has been named Vice President, Merchandising, for the company’s Paperchase U.S. Division, effective July 23. Myles Romero has been appointed Vice President, Strategic Marketing and Entertainment Alliances, effective July 31. “We are delighted to welcome Teresa and Myles to Borders Group,” said Chief Executive Officer George Jones. “They bring expertise and insight to two areas that are important to our execution of the company’s strategic plan for the future, which calls for us to develop Paperchase as a strong retail entity in the U.S., within and outside of Borders stores, and to drive key marketing partnerships throughout our business that will bring value to our customers and incremental revenue to our organization,” he said.

Borders Tests Ideas in NJ Mall

Publishers Marketplace points to a story about some of the strategies Borders Chief Executive Officer George Jones is hoping will move the company from “playing defense” to a “strong offense” as he said in a March conference call. Borders has told investors it plans to introduce a new-store prototype in 2008, and a number of the elements expected to be included are getting a thorough “test read” at the plaza store in Paramus, New Jersey, which opened at the end of May.

The new store, 24,000 square feet in size – making it smaller than its predecessor, but more spacious thanks to the redesign – gives prime display space to the components Jones is counting on to reestablish the chain as the “headquarters for knowledge and entertainment.” There is a reorganized movie and DVD department, a music division with listening stations that allow users to hear any song on any CD in stock, and a restaurant/cafe featuring Seattle’s Best Coffee, Borders’ restaurant partner in its new stores.

Vidal Gets PEN/Borders Prize

The Associated Press reports that Gore Vidal, author, playwright and general provacateur, has been named the first winner of the PEN/Borders Literary Service Award, given to “a truly distinguished American writer whose critically acclaimed work helps us to understand the human condition in original and powerful ways.

“The breadth and depth of Gore Vidal’s brilliant work, his courage in speaking out, even at times when free speech has been at risk in our country, and his lifelong commitment to democracy, justice, reason, and common sense make him the ideal recipient of the inaugural PEN/Borders Literary Service Award,” Borders Group CEO George Jones said Tuesday in a statement.

The award, which has no cash prize, will be given to Vidal as part of the PEN Gala on April 30.

And Yet More Changes at Borders, Too

As newly installed CEO George Jones continues his acclimation to Borders company culture, he’s putting his stamp on the executive suite, too. PW Daily reports that Robert Gruen has been named executive v-p of merchandising and marketing, while Kenneth Armstrong has been appointed executive v-p of U.S. stores. Vin Altruda, president of Borders worldwide, will leave the company at the end of the month. Both Gruen, who starts Feb. 5, and Armstrong, who begins Feb. 26, had previously worked with Jones.

Gruen will oversee all of Borders’ product buying, inventory management, development and execution of merchandising programs as well as being responsible for strategic marketing. Armstrong will be responsible for operations in all of Borders domestic stores. He most recently served as senior v-p and director of store sales for Saks’s Parisian division. And in related news, David Roche, managing director and CEO of Borders U.K., and John Campradt, managing director of Borders Asia Pacific, who
formerly reported to Altruda, will report to Jones.

Borders Reports Quarterly Results

And like its chain counterparts Barnes & Noble and Books-a-Million, Borders reports that for the nine-week period ending December 30, 2006, comparable store sales at Borders domestic superstores decreased by 1.9%, which is lower than management’s prior projection and driven primarily by a decline in store traffic. At $1.1 billion, total consolidated sales increased by 3.5% over the same period last year, and sales within Borders domestic superstores were $709.2 million, which represents a 2.7% increase over the same period in 2005.

“The holiday season was very competitive and highly promotional. We are disappointed that store traffic and sales trends were not better, especially considering the significant investment made in the Borders Rewards loyalty program,” said Borders Group Chief Executive Officer George Jones. “Borders Rewards provides our company with many competitive advantages. By applying what we learned from it this holiday season, we will make modifications to the program to improve it going forward.”