Retail in Asia

In People

US Borders Group announces departure of CEO Ron Marshall

US Borders Group Board Chairman Mick McGuire announced on 26 January that Ron Marshall had resigned as President, CEO and a Director of the company, effective immediately. Marshall has accepted the role of CEO with another publicly held retailer, but will assist Borders in the process of transitioning to new leadership.

The company has named Executive Vice President and Chief Merchandising Officer Michael J Edwards as the interim CEO. Edwards is a 26-year retail veteran with CEO experience who joined Borders in September 2009 and has been leading the merchandising and marketing teams. The company’s Board of Directors has retained Korn/Ferry International to lead the search for a permanent CEO.

"Borders appreciates Ron’s contributions during his tenure with the company," McGuire said of Marshall’s decision to resign. "In 2009 he and CFO Mark Bierley helped Borders make substantial operational and financial improvements that are driving increased cash flow, reducing debt and positioning Borders to pursue new growth opportunities, including recently announced partnerships to provide high-quality digital content for the industry’s next generation of e-reading devices."

"Mike Edwards is the right person to take on this responsibility at this time given his experiences as a CEO and proven track record of successfully repositioning and growing specialty retail businesses," added McGuire about the company’s interim CEO. "Since joining Borders, he has distinguished himself as a collaborative leader with a strong commitment to revitalising the Borders brand and a focus on driving traffic and profitable sales. We are pleased to have Mike in place along with Mark Bierley and his finance team, who continue to lead the effort of reducing expenses, improving margins and focusing on prudent capital allocation to drive cash flow."