Borders Group appoints McGuire as non-exec chair

ANN ARBOR, Mich. Borders Group announced that Richard McGuire has been appointed non-executive chairman of the company's board of directors. He replaces Larry Pollock, who has been non-executive chairman since July 2006 and has been a director since August 1995. Pollock will remain on the board as a director.

McGuire joined the board in January 2008 in connection with his role as a partner at Pershing Square Capital Management, L.P., which is Borders Group's largest investor. At Pershing Square, McGuire served as a member of the investment team exploring investment opportunities in industries including retail, consumer products, business services and financial services. He is now departing Pershing Square to pursue entrepreneurial interests.

"Mick is extremely smart and capable," said Pershing Square founder and ceo Bill Ackman. "As a major shareholder of Borders, I am delighted with Mick's appointment to chairman. I look forward to the company's progress under Mick's and ceo Ron Marshall's stewardship."