Borders replaces CEO, posts weak holiday sales

NEW YORK (Reuters) - Borders Group Inc (BGP.N) replaced its chief executive, who had been on the job less than three years, and the book retailer reported a sales decline for the holiday season.

Borders said on Monday that CEO George Jones was being replaced by Ron Marshall, a private equity executive with experience turning around ailing companies. Most recently, Marshall was a principal of Wildridge Capital Management, which he founded about three years ago.

The appointment is meant to "more aggressively drive a turnaround of the company within today's challenging economy," Borders said.

Jones was named CEO in July 2006.

The company also named Mark Bierley as chief financial officer, replacing Ed Wilhelm, who will stay on for a transition period.

Borders said sales at its superstores open at least a year fell 14.4 percent during the nine-week holiday period ended January 3. Total sales were $868.8 million, down 11.7 percent.

(Reporting by Martinne Geller; Editing by Lisa Von Ahn)