Consumer >> CEO Interviews >> August 31, 1998
ROBERT F. DIROMUALDO joined Borders (then called Book Inventory Systems)
as CEO in January, 1989. At that time, the Company had just opened its
fifth bookstore, and achieved retail sales of $17 million. He and his
team developed a plan to expand the Borders concept into America's major
markets. During the next three years, the Company expanded into such
markets as Boston, Philadelphia, Chicago and Washington, D.C. In
addition, Borders pioneered the superstore caf_ concept which it opened
in Philadelphia in October, 1990. In September, 1992, the Company opened
the first Borders Books and Music store, a 30,000 sq. ft. emporium
nearly 250,000 items books, music, video plus a caf_. Also in 1992, the
Company's extraordinary growth led to its filing for an initial public
stock offering. Just prior to the offering, it accepted an offer to be
acquired by Kmart, the owner of Waldenbooks at that time. Borders'
expansion was stepped up. In 1994, Mr. DiRomualdo assumed responsibility
for the more than 1,000 Waldenbooks stores. In May 1995, the Borders'
Group, consisting of the Borders and Waldenbooks stores, floated a
public stock offering. It tracks on the New York Stock Exchange as BGP.
Since the public offering, the Company has continued its successful
expansion. By December, the Company will operate about 250 Borders
superstores, including its international stores in the U.K., Singapore
and Australia. Borders Books and Music superstores, averaging nearly
30,000 sq. ft., focus on extremely broad assortments, exceptional
customer service and a very exciting shopping experience. Its
Waldenbooks division (today) operates about 900 convenience bookstores,
averaging 3,000-8,000 sq. ft., in enclosed shopping malls in all 50
states. Profile
Mr. Mrkonic holds a B.A. and M.A. in Economics from Stanford University
and his Masters of Business Administration from Harvard University.
Corporate Strategy Profile
GEORGE R. MRKONIC Vice Chairman Borders Group Inc. 500 E. Washington
St. Ann Arbor, MI 48104 (734) 477-4214 (734) 447-4538 (FAX) Each
Chief Executive Officer who is the featured subject of a TWST Chief
Executive Officer Interview is offered the opportunity to include an
Investor's Brief or other highlight material to be provided and
sponsored by and for the company. This Chief Executive interview with
Robert DiRomualdo, CEO, Borders Group Inc., is accompanied by an
Investors Brief containing corporate information. GEORGE R. MRKONIC has
served as the Vice Chairman of Borders Group, Inc. since December 1994,
and a Director since its formation in August 1994. He also served as
President of the Company from December 1994 until January 1997. Prior to
joining the Borders Group, Mr. Mrkonic served as Executive Vice
President of Kmart's Specialty Retail Group for four years. Profile
Mr. DiRomualdo: Our mission statement is to be the world's leading
retailer of books and other informational, educational and
