Borders has endured a rash of executive resignations since it filed for Chapter 11 in February and the latest to jump ship is Michele Cloutier executive v-p and chief merchandising officer. Borders made the disclosure in a filing with the SEC Friday. Cloutier was one of five executives covered by Borders's key incentive bonus plan and stood to earn $100,000 if Borders hit certain target dates in either emerging from bankruptcy or arranging the sale of the retailer.