Borders Group Names Pershing's McGuire As Chairman
2009年1月13日 - 11:38PM
Dow Jones News
DOW JONES NEWSWIRES
Borders Group Inc. (BGP) named Pershing Square Capital partner
Richard McGuire as chairman as a management shakeup aimed at
driving a turnaround continues at the books and music retailer.
Pershing Square is Borders' largest shareholder and has been
pressing for change at the company for the last year.
Larry Pollock, 61 years old, has been chairman since July 2006
and a board member since 1995. He will remain a director.
The naming of McGuire, 32, comes a week after Borders named Ron
Marshall, a private equity executive with experience in corporate
turnarounds, as chief executive.
"[McGuire] is extremely smart and capable," said Pershing Square
founder and Chief Executive Officer Bill Ackman. "As a major
shareholder of Borders, I am delighted with [McGuire's] appointment
to chairman. I look forward to the company's progress under
[McGuire's] and CEO Ron Marshall's stewardship."
Marshall added that "In the short time that I have worked with
[McGuire], I am impressed with his constructive input, sound
judgment and overall support of the company."
When Marshall's appointment was announced, Pollock observed that
despite the company's progress in numerous areas, it was
"imperative" that Borders "more aggressively attack these
initiatives to address its long-term future."
In recent weeks, many book publishers have expressed concern
about the future of Borders, which has a heavy debt load. Revenue
continues to lag, with same-store sales down 14% in November and
December.
Other recent executive changes include a new financial chief,
head of merchandising and marketing, and filling the new post of
chief administrative officer.
Borders shares were down a penny premarket to 60 cents.
-By Mike Barris, Dow Jones Newswires; 201-938-5658;
mike.barris@dowjones.com
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