Borders Group Names Philip M. Pfeffer CEO

Posted on November 12, 1998

Borders Group announced that Philip M. Pfeffer has been elected Chief Executive Officer and a director of the Company. Robert F. DiRomualdo, formerly Chairman and CEO, will continue to serve in an executive capacity as Chairman of the Board.

Mr. Pfeffer served as President and Chief Operating Officer of Random House from 1996 until its acquisition by Bertelsman A.G. earlier this year. Random House operated through 11 divisions, including operations in the United States, Canada, the United Kingdom, Australia, New Zealand and South Africa.

Prior to joining Random House, Mr. Pfeffer served as Chairman of the Board and Chief Executive Officer of the Ingram Distribution Group, Inc. Since 1981, Mr. Pfeffer has served on the faculty of the Stanford Professional Publishing Course at Stanford University.

In commenting on the appointment, Mr. DiRomualdo stated: "Phil will be a tremendous addition to our management team and we are extremely pleased to have him join us. He brings with him outstanding leadership skills, as well as an extensive knowledge of the book industry. We have known and worked with Phil for many years in his positions with Random House and Ingram Industries and have been impressed with the strong service culture that he has helped instill in those companies. With the increasing complexity of our business as a result of international expansion and internet selling, Phil's depth of experience with the content and logistics aspects of our business will be invaluable and will enable me to focus on strategic issues."