Ann Arbor, Mich. Borders Group on Thursday said that its chairman Bennett LeBow, the chain’s largest shareholder, would add the title of CEO. In May, LeBow, made an equity investment of $25 million in the struggling company, giving him a 15.5% stake. LeBow is chairman of the board of Vector Group, a company he has been affiliated with since 1986.
In related news, Borders appointed Mike Edwards as president of Borders Group and CEO and president of subsidiary Borders. Edwards, 50, had been serving as interim CEO of Borders since January.