More bad news from Borders? Time for a fourth CEO in five years!

The Associated Press is reporting (link to LA Times reprint) that (former) CEO Ron Marshall is leaving the CEO position at Borders after just barely a year. He is going to an undisclosed retailer according to the initial report, but BusinessWeek reports it's the grocer A&P.

Michael J. Edwards, currently the Chief Merchandising Officer since September for the chain will step in to an interim CEO role while a search is conducted.

While Marshall did a good job buttoning down the hatch and reducing some of the financial bleeding, he apparently had trouble making a compelling case for consumers to visit the stores. Edwards, a branding guy, is reported as a great choice for the interim spot, and I can't disagree - the branding has suffered. Stores near me have been remodeled, with movies being removed in the nearest location, and an emphasis on children's books and bargain items in lieu of a focus on best sellers and new releases, but the stores are beginning to look a bit sparse - they have an empty feeling, like there's little except open space between the magazine rack and the cafe.

Not only that - but after the kiosks advertising Sony Readers soon to come down as they forge forward with the Spring Design Alex and a Kobo partnership, they have some serious branding to do to make it look like their own, rather than just another attempt to resell other's products.

Borders (BGP) has continued a recent slide, closing at $0.92 a share. Barnes and Noble (BKS) jumped up to as high as $20.67 a share before settling in for a close of $19.70, a 13.35% increase.

DISCLAIMER: Late last year I sold (a fairly small amount of) shares in Borders, and have recently taken a (also small) position in Barnes and Noble.