On Jan. 13, Borders Group, the Ann Arbor, Mich., based book, music, and movie retailer that owns both Borders and Waldenbooks, chose Richard "Mick" McGuire ’98 as the non-executive chairman of the company's board of directors. McGuire had been a board member for the past year and was a partner with Pershing Square Capital Management, Borders' largest investor. Before joining the world of hedge funds and private equity, he earned his MBA from Harvard and majored in economics at Princeton.
While the appointment is a notable achievement for the 32-year-old McGuire, it also promises challenges. According to The New York Times, Borders is contending with a heavy debt load, and its holiday sales dropped 11.7 percent, compared to 2007. Last week, Borders introduced new CEO Ron Marshall, who has experience with corporate turnarounds. "In the short time that I have worked with Mick," Marshall said in a company press release, "I am impressed with his constructive input, sound judgment, and overall support of the company."
(Photo courtesy Mick McGuire)
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