Mike Edwards Named President, Borders Group and President and CEO, Borders, Inc.; Bennett LeBow Appointed Chief Executive Officer, Borders Group

Jun 03, 2010, 17:30 ET from Borders Group, Inc.

ANN ARBOR, Mich., June 3 /PRNewswire-FirstCall/ -- Borders Group, Inc. (NYSE: BGP) today announced that Mike Edwards has been appointed President of Borders Group and President and Chief Executive Officer of Borders, Inc., the principle subsidiary of Borders Group. Bennett LeBow, who recently became Chairman of the Borders Group Board of Directors, will serve as Chief Executive Officer of Borders Group. Edwards will report to LeBow.

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Edwards, 50, has been interim Chief Executive Officer of Borders since January. A 27-year retail veteran, Edwards joined the company in September 2009 as Executive Vice President and Chief Merchandising Officer. Before joining Borders, he most recently served as President and Chief Executive Officer of Ellington Leather, a Portland, Ore.-based leather handbags and accessories wholesaler. From 2004 through 2007, Edwards was President and Chief Executive Officer for lucy Activewear, a division of VF Corporation. He has also held executive management positions in merchandising and operations with Jo-Ann Stores, West Marine, Inc., Golfsmith and CompUSA, as well as buying and merchandising posts with Target Corporation and the May Department Store Company. Edwards earned a bachelor's degree in business and marketing in 1983 from Philadelphia's Drexel University.

LeBow, who recently made an equity investment of $25 million in Borders through an entity he controls, is Chairman of the Board of Vector Group, a company he's been affiliated with since 1986. In March of 1996, under his leadership, Liggett Company, owned by Vector Group, became the first tobacco company to settle smoking-related litigation. Before devoting himself completely to private business in 1968, LeBow served in the Pentagon initially as a First Lieutenant and subsequently as a civilian, serving as assistant to the Assistant Vice Chief of Staff of the U.S. Army.

Like Edwards, LeBow is also a graduate of Drexel University, earning a Bachelor of Science in electrical engineering in 1960. Prior to entering the Army, LeBow, in the 1960's, entered a doctorate degree program at Princeton University, where he also taught logic design of computer systems.

About Borders Group

Headquartered in Ann Arbor, Mich., Borders Group, Inc. (NYSE: BGP) is a leading specialty retailer of books as well as other educational and entertainment items. The company employs approximately 19,500 throughout the U.S., primarily in its Borders® and Waldenbooks® stores. Online shopping is offered through borders.com. Find author interviews and vibrant discussions of the products we and our customers are passionate about online at facebook.com/borders, twitter.com/borders and youtube.com/bordersmedia. For more information about the company, visit borders.com/media.

SOURCE Borders Group, Inc.