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Richard Joseph, chairman and c.e.o. of Borders UK and co-founder of Books Etc, will step down from his post in June. His successor is likely to be from outside the book trade.
Mr Joseph, who set up Books Etc with his father Philip in 1981 and sold it to Borders Group in 1997, said he had decided to leave to pursue other business interests and to travel. "I've been with the business now for 20 years, much of that building up the brand, and it was the success of the Books Etc brand which played a big role in bringing Borders into the UK."
He confessed to mixed feelings at leaving. "I feel it is time to move on now, but I'm going to miss a lot of my colleagues."
Mr Joseph said he was likely to retain links with the trade in future ventures. "I have lots of ideas and I would not be in the least surprised if it was something to do with books, although I am not sure yet what form it will take."
Borders is at present recruiting a new chief executive, who will combine the positions currently held by Mr Joseph and John Monk, managing director of Borders (UK), who recently announced that he would leave his post in April to take up a number of non-executive directorships, including one at Borders.
The bookseller was already in talks with potential successors, and hoped to announce the new appointment within eight to 10 weeks, Mr Joseph said.
Borders would be looking for a candidate from outside the book trade with solid retailing skills, he added. "We will be looking for a down-the-line retailer. We are being very choosy, because we want the right person."
He could not comment in detail on the chain's on-going expansion plans, as the bookseller was due to release its results on Monday, and was still in a closed period. Recent speculation has linked Borders with Ottakar's. Mr Joseph confirmed that expansion of Borders and Books Etc would continue this year, although he admitted that its Internet plans were still at a formative stage.
Leading members of the book trade paid tribute to Mr Joseph. Tim Godfray, chief executive of the Booksellers Association, said: "We shall miss him. Richard has won huge respect for his drive, purpose, entrepreneurial flair and vision. He has given the BA and many industry initiatives wonderful support over the years. We shall miss his wise counsel, although not his smoking."
Sheila Crowley, Hodder sales and marketing director, said: "It is a terrible shame, because there aren't many who are as colourful as Richard. His fantastic energy put bookselling in London on the map." He introduced a "fantastic new sales formula" and refreshed airport bookselling, she added.