Pershing's McGuire Named Borders Chairman $$

13 Jan 9:25am
Posted by ToddSullivan
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So, we now know what the delay was for in the Pershing / Borders financing agreement.

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Borders Group (BGP) today announced that Richard "Mick" McGuire, 32, has been appointed non-executive Chairman of the company's Board of Directors, effective today. He replaces Larry Pollock, 61, who has been non-executive Chairman since July 2006 and has been a Director since August 1995. Pollock will remain on the Board as a Director.

McGuire joined the Board in January 2008 in connection with his role as a partner at Pershing Square Capital Management, L.P., which is Borders Group's largest investor. At Pershing Square, McGuire served as a member of the investment team exploring investment opportunities in industries including retail, consumer products, business services and financial services. He is now departing Pershing Square to pursue entrepreneurial interests. Prior to Pershing Square, McGuire held positions at private equity funds J.H. Whitney & Co., and Stonington Partners, Inc. He holds a master's degree in business administration (MBA) from Harvard Business School and a bachelor's degree from Princeton University.

"Mick is extremely smart and capable," said Pershing Square founder and Chief Executive Officer Bill Ackman. "As a major shareholder of Borders, I am delighted with Mick's appointment to Chairman. I look forward to the company's progress under Mick's and CEO Ron Marshall's stewardship."

"In the short time that I have worked with Mick, I am impressed with his constructive input, sound judgment and overall support of the company," said Borders Group Chief Executive Officer Ron Marshall. "I look forward to working more closely with Mick in the expanded role of Chairman and with Mike Archbold in his new role as Lead Director. On behalf of the entire Board and management team, I also want to thank Larry for his years of service as Chairman and am pleased that he'll remain with the Board as a Director."

As noted, Michael G. Archbold has been named Lead Director. Archbold, 48, joined the Board in December 2007. He is Executive Vice President, Chief Operating Officer and Chief Financial Officer of The Vitamin Shoppe, a position he has held since 2007. Previously, Archbold served as Executive Vice President, Chief Financial and Administrative Officer of Saks Fifth Avenue. Prior to Saks, Archbold was Executive Vice President and Chief Financial Officer of AutoZone and earlier served as Vice President and Chief Financial Officer of the Booksellers Division of Barnes & Noble, Inc.
Pollock, who as noted remains on the Board, is Managing Partner of investment firm Lucky Stars Partners LLC. Previously, he was President, and later Chief Executive Officer, of Cole National Corporation, which operates retail vision and gift stores and was sold to Luxottica Group SpA in 2004. Prior to Cole National, Pollock served as President and Chief Executive Officer of HomePlace, Inc., and earlier was President, Chief Operating Officer and a Director of jewelry retailer Zale Corporation.

It's Ackman's ball now. Largest shareholder, Chairman and Chief Financer all in one (two actually but one sounds better).

It will be real interesting to watch..


Disclosure ("none" means no position):Long BGP
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About

ToddSullivan

A Massachusetts based value investor, I look for companies whose current valuation is at a discount to their true value. When I purchase a stock, my typical holding period is several years. I consider buying a stock purchasing a piece of a business. I am confident once I make a decision to buy that eventually the market as a whole will recognize the true value of the business and value it accordingly. It may take 1 month, 6 months or a year, but if I buy it at enough of a discount to its true value my results will be (and have been) superior to the market as a whole. Of all the disparate investing disciplines, value investing has stood the test of time. The great investors of have all been value investors. Warren Buffett, Ben Graham, Bill Ruane (Sequoia Fund), Bill Miller and Wally Weitz, all have consistently outperformed the market for decades by using various forms of value investing. Currently I am a contributing writer to Seeking Alpha, Vinvesting.com, The Stock Masters and Value Investing News. Posts have been reprinted in The Wall St. Journal, Yahoo Finance, Google Alerts, Google Finance, TheStreet.com. 24/7 Wall St. and Topix.net.

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