Borders Group Announces Resignation of CEO Philip M. Pfeffer

Posted on April 21, 1999

Borders Group, Inc. and Philip M. Pfeffer have announced that Mr. Pfeffer has resigned as Chief Executive Officer and as a director. Robert DiRomualdo, Borders current Chairman and former Chief Executive Officer, will assume the positions of President and CEO on an interim basis.

"We appreciate Phil's efforts and we wish him future success," said Mr. DiRomualdo. "The board of directors has retained an executive search firm to recommend candidates for the President/CEO position."
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