Borders chief executive David Roche has resigned with immediate effect and Philip Downer has been appointed in his place.
In an ironic twist, Roche replaced Downer as head of the business in 2006.
Luke Johnson, head of private equity group Risk Capital Partners, which bought the retailer last September, said: “Philip’s contribution in building Borders in the UK and his knowledge of the business are second to none, and his desire and leadership will be key contributors to our future success. This appointment will ensure the business is equipped to cope with the challenging year ahead.”
Roche announced his resignation as chief executive at the same time. Johnson said: “David has made a significant contribution to Borders UK in his time here, both in defining a differentiated identity for the brand and successfully executing the sale process that kept the Borders name on the high street, and I wish him well for the future.”
Johnson said like-for-like sales rose 2.9 per cent in the five weeks to January 5, despite increased competition on the high street and from the supermarket and internet sectors. He said: “We have more work to do in 2008 to continue our turnaround of the business and we have initiated a number of projects to see us achieve this, not least the launch of our transactional web site this spring.”
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