MAIN NEWS HEADLINES
January 15 – January 22, 2008 Edition
ANN ARBOR, MI (Authorlink News, January 13, 2009)–Borders Group has announced the appointment of Richard “Mick” McGuire, 32, as non-executive Chairman of the company’s Board of Directors, effective immediately. He replaces Larry Pollock, 61, who has been non-executive Chairman since July 2006 and has been a Director since August 1995. Pollock will remain on the Board as a Director.
His appointment comes at a time when Pershing Square has sold off all of its holdings in rival Barnes & Noble. However, McGuire will represent Borders Group not as a Pershing executive, but as an independent entrepreneur.
McGuire joined the Board in January 2008 in connection with his role as a partner at Pershing Square Capital Management, L.P., which is Borders Group’s largest investor. At Pershing Square, McGuire served as a member of the investment team exploring investment opportunities in industries including retail, consumer products, business services and financial services. He is now departing Pershing Square to pursue entrepreneurial interests. Prior to Pershing Square, McGuire held positions at private equity funds J.H. Whitney & Co., and Stonington Partners, Inc. He holds a master’s degree in business administration (MBA) from Harvard Business School and a bachelor’s degree from Princeton University.
“Mick 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 Mick’s appointment to Chairman. I look forward to the company’s progress under Mick’s and CEO Ron Marshall’s stewardship.”
“In the short time that I have worked with Mick, I am impressed with his constructive input, sound judgment and overall support of the company,” said Borders Group Chief Executive Officer Ron Marshall. “I look forward to working more closely with Mick in the expanded role of Chairman and with Mike Archbold in his new role as Lead Director. On behalf of the entire Board and management team, I also want to thank Larry for his years of service as Chairman and am pleased that he’ll remain with the Board as a Director.”
As noted, Michael G. Archbold has been named Lead Director. Archbold, 48, joined the Board in December 2007. He is Executive Vice President, Chief Operating Officer and Chief Financial Officer of The Vitamin Shoppe, a position he has held since 2007. Previously, Archbold served as Executive Vice President, Chief Financial and Administrative Officer of Saks Fifth Avenue. Prior to Saks, Archbold was Executive Vice President and Chief Financial Officer of AutoZone and earlier served as Vice President and Chief Financial Officer of the Booksellers Division of Barnes & Noble, Inc.
Pollock, who as noted remains on the Board, is Managing Partner of investment firm Lucky Stars Partners LLC. Previously, he was President, and later Chief Executive Officer, of Cole National Corporation, which operates retail vision and gift stores and was sold to Luxottica Group SpA in 2004. Prior to Cole National, Pollock served as President and Chief Executive Officer of HomePlace, Inc., and earlier was President, Chief Operating Officer and a Director of jewelry retailer Zale Corporation.
About Borders Group, Inc.
Headquartered in Ann Arbor, Mich., Borders Group, Inc. (NYSE: BGP) is a leading retailer of books, music and movies with more than 28,000 employees. Through its subsidiaries, the company operates more than 1,100 stores worldwide primarily under the Borders(R) and Waldenbooks(R) brand names. For online shopping, visit Borders.com. For more information about the company, visit www.borders.com/aboutus.