Associated Press: Ann Arbor-based Borders Group Inc. to elect 5 new directors

Posted on Tue, Aug 11, 2009 : 1:33 p.m.

Ann Arbor-based Borders Group Inc. said today it will elect five new directors at its board meeting in September.

Earlier this year, Borders announced that Don Campbell, Joel Cohen, Amy Lane, Brian Light and Larry Pollock would step down from the board when successors were found.

The new directors are: Paul J. Brown, Ronald J. Floto, Michael Grossman, Dan Rose and Timothy V. Wolf.

Brown, 42, serves as president of Hilton Hotels Corp.'s global brands and commercial services unit.

Floto, 65, is president and founder of FLT International LLC, and 44-year-old Grossman has served as chief executive of Tempo Payments since 2006.

Rose, 36, is vice president of business development and monetization for Facebook, and 56-year-old Wolf has been chief integration officer for MillerCoors LLC since 2008.

Borders has reshuffled most of its management in an attempt to turn around the struggling business, which is facing intense competition from online and discount booksellers and added pressures from the recession.

In May, Borders said its loss widened significantly in its fiscal first quarter because of more than $70 million in after-tax charges and slumping sales as shoppers shifted to online and discount retailers. Results, however, still beat Wall Street expectations.

Tags: Borders