MAIN NEWS HEADLINES
December 13 – December 20, 2007 Edition
Borders Group Names
Former B&N Exec
To Borders Board
ANN ARBOR, MI/12/6/07–Borders Group, Inc. has appointed Michael G. Archbold to the company’s Board of Directors, effective immediately. Archbold is currently Executive Vice President, Chief Operating Officer and Chief Financial Officer of The Vitamin Shoppe.
At one time in his retail career he was he was Vice President and Chief Financial Officer of the Booksellers Division of Barnes & Noble, Inc. The Borders appointment was made partly in response to Spencer Capital’s Ken Shubin Stein request that a shareholder representative be placed on the board. Archbold was recommended by William Ackman, who heads Pershing Square Capital, Borders’ largest shareholder.
Archbold, 48, joined The Vitamin Shoppe earlier this year in his current position. He previously served as Executive Vice President, Chief Financial and Administrative Officer of Saks Fifth Avenue from 2005 through 2007. Archbold was with AutoZone from 2002 to 2005, where he served as Executive Vice President and Chief Financial Officer. From 1996 to 2002, he was Vice President and Chief Financial Officer of the Booksellers Division of Barnes & Noble, Inc., and prior to that was with Woolworth Corporation (now Foot Locker, Inc.), where he served in a series of financial management positions. Archbold is a certified public accountant and began his accounting career at Price Waterhouse (now PricewaterhouseCoopers).
“Mike brings a tremendous depth of financial and retail expertise to our Board of Directors,” said Borders Group Chief Executive Officer George Jones. “His financial leadership roles with leading retailers over the past two decades make Mike well suited for a position on our Board and we look forward to benefiting from his insights and contributions.”
Headquartered in Ann Arbor, Mich., Borders Group is a $4.1 billion global retailer of books, music, movies, periodicals, and gift and stationery items. Through its subsidiaries, Borders Group employs more than 30,000 and operates over 1,100 stores worldwide primarily under the Borders(R) and Waldenbooks(R) brand names.