Borders Group, Inc., the company that operates the Borders and Waldenbooks chains of bookstores, recently named George Jones as its new CEO. Jones, the former head of the Saks Department Store Group, succeeds Greg Josefowicz, who announced his retirement in January. Jones, who has also worked for Target, was most recently the president of worldwide licensing and retail for Warner Bros. He will earn a base salary of three-quarters of a million dollars per year, with an opportunity to earn an annual bonus of up to $1.2 million.
Based in Ann Arbor, Michigan, Borders Group, Inc., employs thirty-five thousand people at twelve hundred retail locations. Profits for the company last year fell by 23 percent, and annual sales trail that of rival Barnes & Noble by approximately $1 billion.