Borders CEO Resigns After 5 Months

Borders Group Inc. said its chief executive, Philip M. Pfeffer, resigned from the nation’s No. 2 bookstore chain after just five months, departing as the company struggles to keep pace with rivals Barnes & Noble and Amazon.com. Borders declined to comment on why Pfeffer was leaving. Robert DiRomualdo, Borders chairman and former CEO, will assume the CEO role for now. The Ann Arbor, Mich.-based firm also announced a shake-up in its top ranks, naming new presidents to head its mall-based Waldenbooks chain and its online business. It now owns 250 Borders superstores and 900 Waldenbooks stores. Borders’ shares fell $2.44 to close at $14.63 on the New York Stock Exchange.