If some shareholders have their way, Sears Chairman and CEO Edward Brennan could be forced to share power. The latest Sears proxy contains a resolution requiring the company to split the jobs of chairman and chief executive and install an outside director as chairman.
Sears may be the first major U.S. company to face such a resolution, which is sponsored by the New York City Employees' Retirement System. Other proposals include one to hire an outside investment bank to consider breaking up the company, whose financial-services units have outperformed its retail business. Sears management opposes both resolutions.