Martin & MacArthur, a local manufacturer and retailer of fine wood furnishings, has hired the chief marketing officer of book retailer Borders Group Inc. as chief executive officer to succeed retiring partner and CEO Lloyd Jones.

Michael Tam, who was born in Honolulu and is a graduate of Saint Louis School, joins Martin & MacArthur founder and President Jon Martin as a partner in the 47-year-old company headquartered in Kalihi Kai.

"We searched for the perfect leader to take the helm of Martin & MacArthur and found that in Michael," Martin said in a statement. "He is a visionary and an innovator. Moreover, he understands the legacy and cultural foundation of Martin & MacArthur. Our leadership and heritage in the Hawai'i market will be strengthened through his experience and insights."

Tam joins the company after an extensive search for a new leader, and becomes only the third partner in the firm with Martin and the first new CEO in 21 years.

Along with the leadership change, Martin & MacArthur has spun off a division distributing picture frame supplies into a new company called Hawaii Framing Supplies that will continue to be owned and operated by Jones and Martin.

The largest handcrafter of koa furnishings in the Islands also operates three retail stores, including one at Ala Moana Center.