thumb|right|Borders store interior, San Francisco, California On January 5, 2009, the company announced that Ron Marshall would immediately take over as chief executive. Former CEO George L. Jones received a severance package of $2.09 million. Mark Bierley was also promoted to chief financial officer, replacing Ed Wilhelm. The changes in management were due to Borders's holiday sales having fallen by 11.7% to $868.8 million. On January 13, Mick McGuire, a former partner at Pershing Square, became chairman of the board of directors.
thumb|right|Borders store interior, San Francisco, California On January 5 2009, the company announced that Ron Marshall would immediately take over as chief executive. Former CEO George L Jones received a severance package of $2.09 million. Mark Bierley was also promoted to chief financial officer, replacing Ed Wilhelm. The changes in management were due to Borders's holiday sales having fallen by 11.7% to $868.8 million. On January 13, Mick McGuire, a former partner at Pershing Square, became chairman of the board of directors.