Welcome to Dellworld Senor Vanzura.....(Note his age Pilgrims)------>
Borders Group Says Online President Vanzura Resigns (Update1)
Borders Group Says Online President Vanzura Resigns (Update1) (Updates with comment from analyst and Vanzura.)
Ann Arbor, Michigan, July 28 (Bloomberg) -- Borders Group Inc., the No. 2 U.S. book retailer, said the president of its online division, Cedric Vanzura, resigned. Vanzura said he's leaving to take an Internet-related job with Dell Computer Corp.
The departure comes three months after the resignation of Philip Pfeffer as Borders chief executive. The company is searching for a new CEO. Vanzura, 35, joined Borders in 1994 and was named president of Borders Online in April. He will remain on the job until mid-August.
Borders, which introduced Borders.com in June 1998, is lagging larger rivals Amazon.com Inc. and barnesandnoble.com Inc. in online book sales. Vanzura's departure illustrates a growing challenge facing retailers as they try to hold onto talented Internet professionals, analysts said. ''It underscores the brain-drain occurring, where some of the top people, particularly on the Internet side, have been lured away,'' said analyst John Glass at Deutsche Banc Alex. Brown, who rates Borders shares ''market perform.''
Vanzura, who declined to say what his exact job will be at Dell, noted that he's leaving Borders at a time when much of its plans for the online business are already in place. In his remaining weeks with the company, Vanzura said he will help Borders Online round out its marketing and merchandising plans. ''I'm sure the transition will be a smooth one,'' he said.
Everyone catch that brain-drain comment?.....J.D.
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