Borders Group, Inc. announced November 15, the appointment of Greg Josefowicz as President, Chief Executive Officer and member of the Board of Directors. Mr. Josefowicz, age 47, succeeds Robert DiRomualdo, who has been serving as the Interim President and Chief Executive Officer. Mr. DiRomualdo will remain as Chairman.
Mr. DiRomualdo said, "The Board of Directors and I are extremely pleased to have Greg Josefowicz join Borders. Greg is a seasoned retailer who ran one of America's premier retail organizations and he will help us capitalize on the opportunities ahead. Greg's strengths in marketing, merchandising, logistics, operations and, above all, human resources will make Borders Group an even stronger business in the future. In addition, his experience in database management and e-commerce (as Peapod's Chicago affiliate) will serve to strengthen Borders.com. I'm delighted that our businesses are currently performing very well across the board and with Greg's leadership we are confident that Borders can fulfill its mission as the world's best-loved provider of books, music and other entertainment, educational and informational products and services."
Mr. Josefowicz said, "I am truly excited to be joining an organization and management team with great heritage of retail success, innovation and spirit. I look forward to continuing to build the strong brand images of Borders and Waldenbooks across multiple retail channels while meeting the needs of our customers."
Mr. Josefowicz most recently served as President of Jewel-Osco, a division of Albertson's, Inc. With 271 locations, Jewel-Osco is a Midwest retailer operating both combination food and drug stores and freestanding drug stores. Albertson's is one of the largest food-drug chains in the United States and recently completed its acquisition of American Stores, original parent company of Jewel-Osco. Mr. Josefowicz served as President of Jewel-Osco since 1997 and previously served in myriad roles in merchandising, marketing and operations during his career there, which began as a high school student in 1968. Mr. Josefowicz received the 1999 Illinois Retail Merchants Association Retailer of the Year award in September for his commitment to the retail industry and dedication to the community. Mr. Josefowicz holds a bachelor's degree from Michigan State University and a master's degree from Northwestern University's Kellogg Graduate School of Management, where he continues to serve as a member of the Advisory Board.
Jones To Be Named Borders CEO
NEW YORK (CNNMoney.com) -- Borders Group, the nation's second-largest bookseller, will soon name ex-Saks executive George Jones as CEO, according to the Wall Street Journal.
The book retailer has been expected to name a new CEO since January, when current executive Greg Josefowicz announced plans to retire within two years.
The Journal reports that Jones earned a reputation for promoting innovation at Saks, where the luxury retailer created "nail bars," offering 15-minute manicures and in-store golf shops replete with putting greens and comfortable leather chairs.
Before Jones' four-year stint at Saks, he worked as president of worldwide licensing and studio stores for Warner Bros. for seven years.
Warner Bros. is owned by Time Warner, which also owns CNNMoney.com.
Jones will take the helm at a difficult time for the booksellers industry, which is in need of a hit this summer, according to the newspaper.
Borders' sales have been disappointing, with an increase of only 3.9 percent last year. Borders generates an estimated 12% of its revenues from music sales.
More On Mr. Jones (click here)
Ron Marshall Appointed Chairman - January 2009
Ron Marshall, the former chief executive officer of grocery distributor Nash Finch and a former chief financial officer at Pathmark Stores, on Monday was named CEO of troubled book retailer Borders Group here. Marshall left Nash Finch in 2006 and founded Wildridge Capital, a private investment firm.
Borders, which announced weak holiday sales on Monday, has been struggling for months and recently took itself off the auction block. Borders stock, which has traded below $1 per share for more than a month, is in danger of being delisted by the New York Stock Exchange, the company said.
Marshall is replacing George Jones as CEO at Borders, and was one of several management changes announced Monday.
Marshall Out At Borders - January 2010
CEO Ron Marshall is leaving Borders Group only a year after taking on the task of revitalizing the bookselling chain and establishing it as a full-fledged e-commerce player.
Borders announced this morning that Marshall, who took over as CEO last January, is leaving the company, effectively immediately, to become CEO of the Great Atlantic & Pacific Tea Company Inc. supermarket chain.
To replace Marshall on a temporary basis, Borders has named chief merchandising officer and executive vice president Michael Edwards as interim CEO. Edwards will report directly to Borders chairman Mick McGuire. Edwards joined Borders in September after having been president and CEO of Ellington Leather, a wholesaler of leather handbags and accessories.
Marshall, who joined Borders after serving as a principal at private equity firm Wildridge Capital Management, was hired to help the company improve its financial position and establish the multichannel books retailer’s fledgling e-commerce program.
Edwards Takes Command - January 2010
Mike Edwards, former head of two Portland companies, was appointed as interim chief executive of Borders Group Inc., today following the departure of CEO Ron Marshall. Edwards, 49, who was named Borders' chief merchandising officer in September, had served as the chief executive of Portland-based Ellington Leather and, before that, as CEO of Lucy Activewear. Lucy was founded in Portland and was bought by apparel conglomerate VF Corp. under Edwards' leadership.
Edwards takes on a challenging role at Borders.
The Ann Arbor, Mich.-based retailer hasn't posted a profit in nearly four years and has lost ground to competitor Barnes & Noble, which gained double-digit percentages on the news of the leadership shake-up and speculation over its involvement with Apple Tablet.
Borders, which is going on its fourth CEO in five years, fell 17 cents to 92 cents on the New York Stock Exchange. New York-based Barnes & Noble rose $2.32 to $19.70.
The Wall Street Journal reported that Marshall, who had been in the job for a year, will take over Great Atlantic & Pacific Tea Co., operator of the A&P supermarket chain.
Marshall departed A&P six months later.