Word: bolduc
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...dollars in company money that had been paid for private security guards, nursing care and the upkeep of a $2 million Manhattan apartment. And of course it has a whiff of treachery. Behind the internal inquiry that led to the patriarch's undoing was chief executive officer J.P. Bolduc, 55, the very person Grace had groomed to succeed him. And naturally there's a hint of deceit. When Bolduc suddenly quit last month, the board of directors said it was because of "differences of style and philosophy." But as it later emerged, Bolduc was forced out in part because...
Everything but details. None of the five women employees who made the claims, which Bolduc resolutely denies, had ever filed a formal complaint with the company, which has procedures for reporting sexual harassment. Instead, the five told their stories to Harold Tyler, a retired federal judge whose law firm was hired by the Grace board to examine the separate issue of whether the chairman's perks should have been disclosed to the Securities and Exchange Commission. In the midst of that inquiry, Tyler was diverted by reports that Bolduc, who is married and has four children, had a reputation...
...coming forward they would damage their career prospects and be stigmatized as troublemakers. (One remarked, "The good-ole-boy world is still the good-ole-boy world.") And though they work in separate parts of the operation and do not know each other, they both drew a picture of Bolduc as an executive lech, fond of sticking his tongue in the ears of startled women or slipping a hand up their dresses-all in the name of unbuckled...
...Bolduc case left some experts in corporate governance last week pondering whether a new kind of cutlery is being introduced into the game of corporate backstabbing: bring down the boss by saying he's a lecher. For the leaders of some women's groups, on the other hand, the wonder is that anybody ever listens. "The tendency of companies to protect the high-placed person is very great," says Ellen Bravo, executive director of 9 to 5, an advocacy group for working-women. In the vast majority of cases, employers choose to discipline an alleged harasser through a transfer...
...Bolduc's case, the bonus got bigger, according to the Times. By agreeing to quit rather than being fired, he was able to console himself with a $20 million severance package, which amounted to $5 million more than what was required by his contract...