MAIN NEWS HEADLINES
July 20 – July 27, 2006 Edition
Borders Group Names
George L. Jones
President, CEO
ANN ARBOR, MI/7/17/06—George L. Jones has taken over as president, chief executive officer, and a director of Borders Group, Inc. (NYSE: BGP) effective July 17. Jones, 55, succeeds Greg Josefowicz who retired.
Jones has more than three decades of retail experience including his most recent post as President and chief executive officer of the Saks Department Store Group. Prior to Saks, Jones was president, worldwide licensing and retail, for Warner Bros., where in addition to his core responsibilities, he oversaw Warner Bros. Worldwide Publishing, Kids WB Music, Warner Bros. Interactive Entertainment, WB Sports and Warner Bros. Studio Stores. His background also includes key merchandising and operations positions at Target Corporation, including executive vice president-store operations and senior vice president-merchandising.
"I am pleased to welcome George to Borders Group," said Josefowicz. "He brings a diversity and depth of retail experience with some of the largest and most revered brands in the business, as well as a demonstrated ability to build and lead successful management teams."
"For many years, I have been a devoted Borders customer, enjoying countless hours in the stores," Jones said. "I am passionate about books, music and movies and truly honored to lead this fine company. The opportunities ahead of us are tremendously exciting as we work together to make Borders the preferred place for knowledge and entertainment throughout the world."
"The Board believes that George will bring innovation and insight to the process of driving long-term growth, which is consistent with the company’s current strategic direction," said Director Larry Pollock, who led the CEO search committee, which was assisted by Korn/Ferry International. "As planned, Greg will stay on in an advisory capacity to assure a smooth leadership transition."
The chairman role, left open by Josefowicz’s retirement, will now be held by non-executive Director Pollock, who has been a member of the Board since August 1995, and is currently chairman of the nominating and corporate governance committee, as well as a member of the compensation committee. He is president of Lucky Stars Partners, LLC, an investment firm.
About Borders Group
Headquartered in Ann Arbor, Mich., Borders Group, Inc. is a leading global retailer of books, music and movies with more than 1,200 stores and approximately 35,000 employees worldwide. More information on the company is available at http://www.bordersgroupinc.com.
