Chairman

EDWARD BRENNAN, 73 CEO of Sears, Roebuck Edward Brennan, who started as a sales associate at a Sears store in Wisconsin and rose to become chairman and CEO of Sears, Roebuck and Co. in the mid-1980s, died Thursday night at his home in Burr Ridge, Ill., after a brief illness, the Chicago Tribune reported on its Web site. The Chicago native served on a variety of boards, including McDonald's Corp., 3M Corp. and Exelon Corp. He also previously served as chairman of the board of trustees at DePaul University and Marquette University, his alma mater.

A possible contender to be Baltimore's next schools chief has faced ethical questions during his tenure as the No. 2 school official in Philadelphia. Gregory Thornton was one of two top Philadelphia school officials who went on a trip to South Africa in the summer of 2004. The trip was partly paid for by an education software company, Plato Learning. Later that year, Thornton and the other administrator who went on the trip signed off on a no-bid, $926,000 contract for Plato, according to The Philadelphia Inquirer.

ATLANTA -- Coca-Cola Co. said yesterday that Chairman and Chief Executive Officer Douglas Ivester will step down in April, after a 2 1/2-year tenure stained by slow sales worldwide, a contaminated-drinks scandal in Europe and a lagging stock price.Ivester, 52, will be succeeded by Douglas Daft, a 30-year company veteran. The 56-year-old Daft was named president and chief operating officer yesterday and will assume Ivester's posts.Ivester had been chairman and CEO since October 1997. He was hand-picked by mentor Roberto Goizueta, who in 16 years boosted Coca-Cola's market value 30-fold to more than $150 billion.

Michael G. Riemer, president and chief executive officer of the Howard County Chamber of Commerce for the past 15 months, has announced that he will step down Sept. 1.Riemer, 66, a member of the chamber since 1980 and on the board since 1990, said he will stay on as CEO until a replacement is found, or longer if necessary. He also said he plans to remain an active member of the chamber after his retirement.Chamber of Commerce Board Chairman W. Stephen Pindell said the chamber will immediately commission a nationwide search for a new CEO. The Sept.

Charles P. McCormick Jr. and spice giant McCormick & Co. were inducted into the Baltimore County Chamber of Commerce Business Hall of Fame last night, joining the likes of Alonzo Decker and Black & Decker Corp. and the principals of real estate agency O'Conor, Piper and Flynn.The induction came at a ceremony at Marriott's Hunt Valley Inn during which McCormick, known as "Buzz" to his friends, also was given the Businessman of the Year Award."It will be a very proud evening for our chairman and our entire organization," company spokesman Mac Barrett said before the event.

Too much? The mega-salaries that some CEOs make may reflect poor corporate governance, according to researchers at the Wharton School at the University of Pennsylvania. The researchers say some board and ownership structures in companies seem to enable CEOs to influence directors in order to win compensation that is excessive for the company's size. They also say corporate governance tends to be weaker when one person is both CEO and chairman.Before you go: Fast Company magazine has some advice for high-tech business travelers: Be sure your office or home PC is set up so you can dial in from afar.

Too much? The mega-salaries that some CEOs make may reflect poor corporate governance, according to researchers at the Wharton School at the University of Pennsylvania. The researchers say some board and ownership structures in companies seem to enable CEOs to influence directors in order to win compensation that is excessive for the company's size. They also say corporate governance tends to be weaker when one person is both CEO and chairman.Before you go: Fast Company magazine has some advice for high-tech business travelers: Be sure your office or home PC is set up so you can dial in from afar.

McCormick & Co. announced yesterday that President and Chief Operating Officer Robert J. Lawless will take over as chief executive officer Jan. 1.The move will allow Charles P. "Buzz" McCormick Jr., who returned from retirement this year to lead the Sparks spice giant through its toughest challenges, to relinquish day-to-day duties and return to his Florida retirement residence. He will remain as chairman.McCormick, the grand-nephew of the company's founder, said the company's future was secure enough to permit the change.

No. 1: "The Customer Is Always Right!" may be a cliche or sound advice, but it's also the name of a book by Armen J. Kabodian, who has compiled comments by top executives. Among them: "Make serving the customer an obsession," from R. L. Qualls, CEO of Baldor Electric Co. And, "We've got to get back to a fundamental issue, and that is: We all work first for the customer," from IBM Chairman Louis V. Gerstner Jr. Kabodian also offers a suggestion from Rick Stewart, CEO of Frontier Cooperative Herbs: "Did you ever try to outsmart your 17-year-old daughter?

PHH Corp., the 50-year-old Baltimore company that quietly capitalized on corporate America's transportation and housing needs, agreed yesterday to be taken over by HFS Inc. of New Jersey for $1.7 billion.PHH, based in Hunt Valley, employs 5,470 people, including 1,000 to 1,200 in Maryland, in its fleet management, relocation and mortgage servicing businesses. Officials said it is too early to tell if the purchase would result in layoffs, or if PHH would remain headquartered in Maryland."All of the business segments of PHH fit so well in our business that I wouldn't expect any significant downsizing," said Henry R. Silverman, HFS' chairman and CEO.PHH offers its services to businesses, government agencies, financial institutions and membership groups in North America and Europe.

Alfred E. Festa, president, chief executive officer and chairman of W.R. Grace & Co., will be staying on the job another four years under a new agreement reached with the Columbia-based company, according to a filing Friday with the Securities and Exchange Commission. Under the pact, Festa's initial base salary will be $936,000. His targeted annual performance bonus will be equal to his salary and his long-term incentive compensation is expected to be $3.2 million over the next three years.

If shareholders, corporate watchdogs and consumer groups would like to know just how weak the oversight of corporate management is in America, they need to check out the abuse of corporate jets. The private jet industry has more than doubled its sales in the past five years, and corporate executives form the backbone of its clientele. In addition to legitimate business trips, many executives and their families have access to the company jet for personal use, an expense picked up by their companies' other stakeholders, including shareholders and employees.

The mortgage meltdown scorched the executive suites of two banks yesterday as Wachovia Corp. fired its chief executive and Washington Mutual Inc. knuckled under to shareholders and stripped its CEO of his chairman's post. Charlotte, N.C.-based Wachovia and Seattle-based Washington Mutual are big players in home loans, on which they've lost billions. Their shake-ups helped rattle the stock market, sending a bank share index to a five-year low, as investors worried about more fallout from the mortgage crisis.

Starbucks Corp. Shares gained $1.48 to $19.86 after the world's largest chain of coffee shops ousted Chief Executive Officer James Donald and replaced him with former CEO and Chairman Howard Schultz.

EDWARD BRENNAN, 73 CEO of Sears, Roebuck Edward Brennan, who started as a sales associate at a Sears store in Wisconsin and rose to become chairman and CEO of Sears, Roebuck and Co. in the mid-1980s, died Thursday night at his home in Burr Ridge, Ill., after a brief illness, the Chicago Tribune reported on its Web site. The Chicago native served on a variety of boards, including McDonald's Corp., 3M Corp. and Exelon Corp. He also previously served as chairman of the board of trustees at DePaul University and Marquette University, his alma mater.

CHICAGO -- Tribune Co. Chairman, President and Chief Executive Officer Dennis J. FitzSimons announced his resignation yesterday, as the media company completes its $8.2 billion deal to go private under Chicago billionaire Sam Zell, who is expected to take over as CEO. That deal, expected to close today, will pass control of the media conglomerate to Zell, who, under a prior arrangement, will then become Tribune's board chairman. A source at Tribune said Zell would also become chief executive.

Awards Travelers Cos. presented Albert "Skip" Counselman, chairman and chief executive officer of Riggs, Counselman, Michaels & Downes, with its inaugural Lifetime Achievement Award. Rose Wang, president and chief executive officer of Bethesda-based Binary Group, received a leadership award in the entrepreneur category from Women In Technology. Openings Amedisys Home Health Care of Glen Burnie, which provides home health and hospice services, opened an office at 100 West Road in Towson.

A possible contender to be Baltimore's next schools chief has faced ethical questions during his tenure as the No. 2 school official in Philadelphia. Gregory Thornton was one of two top Philadelphia school officials who went on a trip to South Africa in the summer of 2004. The trip was partly paid for by an education software company, Plato Learning. Later that year, Thornton and the other administrator who went on the trip signed off on a no-bid, $926,000 contract for Plato, according to The Philadelphia Inquirer.

The Baltimore school board has hired a company to conduct a national search for a chief executive officer of the city schools. On Tuesday night, the board approved a $59,000 contract with PROACT Search Inc., which has conducted superintendent searches for school systems including those in Seattle; Portland, Ore.; and Washington. Charlene Cooper Boston has been interim CEO since July 1, when Bonnie S. Copeland stepped down. Boston said yesterday that she has not decided whether she wants to be considered a candidate for the job. Before the vote, school board Chairman Brian D. Morris said the board has been happy with Boston's work but has pledged to the public that it would look nationally for a new CEO. The board is looking to hire a CEO by the beginning of the 2007-2008 school year.

Vertis Communications, still struggling to adjust to changes in the advertising industry, announced yesterday that it is replacing its president and chief executive officer. The Baltimore company said Dean D. Durbin is resigning from his post as CEO, a job that he has held for 10 months, and as president, a position he took in November 2004. With net sales last year of about $1.5 billion, Vertis is one of the largest companies based in the Baltimore area. Durbin will be replaced by Michael T. DuBose who is now a senior adviser to Los Angeles investment firm Aurora Capital Group.