Borders Announces Management Changes
The second largest book retail chain in the United States restructured its senior management this week, a day after the company reported a higher-than-expected second-quarter loss.
Borders named Cedric J. Vanzura, the president of Borders Group International, Paperchase Worldwide and information technology, as president of emerging business, strategy and technology, and Vincent E. Altruda, the president of Borders Group U.S., as president of Borders Worldwide. Both will report to new Borders Group CEO George Jones. Several other members of the management team will also now report to Jones.
The company said the changes will be effective Aug. 28.
The Ann Arbor, Mich.-based company said its losses in the three months ending July 23 were $18.4 million, or $0.29 a share.
Jones, who replaced former Borders CEO Greg Josefowicz in July, said the reshuffling would help open the company to wide variety of possibilities that could potentially drive emerging business.
“We are tapping into many opportunities with our current strategic initiatives and must also continue to mine new growth areas, which we will do under this new structure,” he said. “The reorganization aligns the talents and experience of our leaders with the most critical elements of our strategic direction today and in the future.”