Investors' Power Test At Borden
When representatives of a dissident shareholder visited Edward A. Brennan, the chief executive of Sears, Roebuck in 1992 to lodge complaints, Mr. Brennan's instincts were to ask for time so he could do what shareholders were asking. When representatives of the same shareholder, Lens Inc., visited another chief executive, Anthony S. D'Amato, at Borden Inc.'s Park Avenue headquarters in September, also to complain, Mr. D'Amato simply told the unwelcome guests to shoo. If they really wanted to help, he said, they would go away, adding that they were "a distraction," according to two people who were present. Different Outcomes Today, Mr. Brennan still has his job and Mr. D'Amato is in need of a new one. On Thursday, Borden's directors removed Mr. D'Amato, replacing him with Ervin R. Shames, who had been named president and chief operating officer in June.