Borders Group announced today that Mike Edwards will step in as president of Borders Group. Edwards will also serve as CEO of Borders, Inc. (the “principle subsidiary” of Borders Group) and Bennett LeBow will become CEO of Borders Group.

Just last month, LeBow was elected chairman of the Borders Board of Trustees, when he invested $25 million in the company. Edwards has been with the the Ann Arbor-based book retailer for less than a year; he joined last fall as executive vice president and chief merchandising officer.

The press release stressed: “Edwards will report to LeBow.”