Borden Positions D’Amato for Top Job

Anthony D’Amato has been elected president and chief operating officer of Borden Inc. in a move that positions him to succeed Borden Chairman R. J. Ventres when Ventres retires next year.

“Mr. D’Amato’s promotion is an important step in preparation for an orderly succession,” Ventres said.

“The news signals who the next head of Borden will be,” said John McMillan, analyst at Prudential-Bache Securities.

D’Amato, 59, is a 31-year Borden veteran who came from the company’s chemical operations. He led the evolution of that business into its current packaging and industrial products division. His promotion is effective July 1.

Joseph Saggese, senior group vice president of Borden’s packaging and industrial products division, was named to succeed D’Amato.

In promoting an executive from the company’s chemical group, Borden’s board followed precedent. Ventres and his predecessor, Eugene Sullivan, came from the non-food side of Borden, which in 1989 accounted for 27.2% of its $7.6 billion in revenue.

“The D’Amato appointment means that Borden is in capable hands and won’t change that much,” McMillan said. He said the promotion, well before Ventres’ November, 1991, retirement, “gives D’Amato a chance to get his feet wet in the food business because he comes from the chemical business.”

In a telephone interview, D’Amato said he hoped in the next year and a half to implement Borden’s plans to cut costs by restructuring its dairy division and updating its plants and equipment worldwide.

“The vision and strategy have been set,” D’Amato said. “I hope to be the key factor in implementing it.”

D’Amato said Borden would maintain its “pretty aggressive” stance in Europe, especially in plastics and packaging. “We intend to continue to be aggressive in Europe.”