Wednesday April 21, 8:56 am Eastern Time
Borders CEO Pfeffer resigns
ANN ARBOR, Mich., April 21 (Reuters) - Global book and music retailer Borders Group Inc. (BGP - news) on Wednesday announced the resignation of Chief Executive Philip Pfeffer amid a management shake-up, and said it sees mixed results for the first quarter.
Chairman Robert DiRomualdo, a former Borders chief executive officer, was named president and CEO on an interim basis, the Ann Arbor, Mich.-based company said.
Borders named Bruce Quinnell as vice chairman, focusing on administration, investor relations and international operations, and also announced several other executive management changes.
The company said it will take a one-time after-tax charge of 4 cents per share in the first quarter associated with Pfeffer's departure. It did not give any further details on the charge.
The retailer also said it expected that before the one-time charge, its retail stores will report a first-quarter profit of 4 cents to 5 cents per share and its Borders.com Web site will have a first-quarter loss of from 5 cents to 6 cents per share.
Borders said that its superstores reported a significant improvement in sales in the first quarter over the fourth quarter.
Neil |
