Alex. Brown's meeting is a 3-minute wonder 9 directors elected, nary a speech is heard

April 24, 1996|By FROM STAFF REPORTS

Alex. Brown Inc., the tightly controlled investment banking company, elected directors yesterday and disposed of its annual shareholders meeting with its usual dispatch.

In a small, posh boardroom in Brown's downtown Baltimore headquarters, a few dozen shareholders and partners witnessed the election of nine directors, including A. B. "Buzzy" Krongard, the company's chairman and chief executive, and Mayo A. Shattuck III, its president and chief operating officer. All those elected had been supported by the company's board.

There were no speeches, although Brown, coming off its most profitable year ever, might have engaged in some self-congratulation. While CEOs in other annual meetings were orating about market share and currency effects, Mr. Krongard was reciting the names of nominees and asking the corporate secretary to insert the proper information into the minutes.

Although it is a public company, Brown is 40 percent owned by insiders and known for discretion and a lack of public self-analysis.

No one had any questions. The meeting lasted less than 3 minutes.

"Thank you for being here and participating in this exercise in corporate democracy," Mr. Krongard said at the end.

Pub Date: 4/24/96

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