Borders Group, the struggling bookseller, has a new Chairman of the Board, Bennett LeBow. LeBow’s a member of Vector Group Ltd., the investor group that recently acquired 15% of Borders (35% if warrants are exercised). According to interim Borders CEO Mike Edwards, LeBow “will play an extremely important role in helping us redefine the Borders brand.” Will a new brand image change the landscape? Perhaps on the margin, but Borders needs more than marginal change. Borders needs a new business model not just a new brand. Otherwise, change will consist solely of the smoke and mirrors of advertising rather than the real transformation required to win a profitable share of the market. As a Borders lover, I’d hate to see LeBow follow in the footsteps of other leaders who foolishly and tragically banked their hopes on a new brand alone. Let’s face it….