Borders Group says Jones out, Marshall in as CEO

ANN ARBOR, Mich. (AP) - Borders Group says Chief Executive George Jones will leave the company as the Ann Arbor-based bookseller looks to spark a recovery after struggling with liquidity and balance sheet concerns.

The company named 54-year-old Ron Marshall as Jones' replacement. Marshall recently served as principal of private equity firm Wildridge Capital Management. In November Borders said it no longer was pursuing a sale of the company, an option that had been considered for more than a year as part of a financial turnaround plan.

Marshall also will serve as president and as a board member. In addition, the company named Mark Bierley as chief financial officer and executive vice president of finance to replace Ed Wilhelm, who will stay during a transition period.

Source: Associated Press