Borders Group (Ann Arbor, Mich.) announced that Ron Marshall has resigned as president, ceo and director of the company. Borders says Marshall has accepted the ceo role with another retailer, but did not release a company name. Marshall’s departure, about a year after he joined the company, leaves the second largest traditional bookseller searching for its fourth ceo in five years.
The company has appointed Mike Edwards, who joined Borders in September as executive vp and chief merchandising officer, to serve as interim ceo. Marshall is expected to help with the transition.
Marshall joined the company as ceo and president last January to replace George Jones. A founder of private equity firm Wildridge Capital Management, he was tapped for his experience in turning around such companies as food distributor and retailer Nash Finch Co. and Pathmark Stores Inc., now a unit of the Great Atlantic & Pacific Tea Co.
Borders says it’s working with Korn/Ferry Intl. to find a permanent replacement.
Last week, the company reported that same-store sales were down 14.6 percent for the holiday period.
The company operates stores in the U.S. under its Borders and Waldenbooks banners. Last November, Borders announced it would shutter approximately 200 Waldenbooks locations in early 2010.