Word: bolduc
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...ouster rattled large Grace shareholders like the College Retirement Equities Fund (which holds some 8% of the company's stock), who had applauded Bolduc's strategy of selling off subsidiaries to pare down the firm to a few core businesses. Declares Joseph Cappello, who follows the conglomerate for New Vernon Associates in New Jersey: "Bolduc had done a tremendous job. The reason to buy W.R. Grace stock was the changes he brought to the company...
...board members from an unwieldy 22, many of whom had been close associates of J. Peter Grace, to a more manageable 12. And with Grace gone and the CEO job still without a permanent occupant, some insiders may have been worried that the shareholders might press to bring back Bolduc, a prospect that apparently led to the leak of the proxy statement...
...fair, the company noted in lawyerly prose that Bolduc, who is married and has four children, "vehemently denied and continues to deny" any sexual misconduct. Grace further pointed out that none of the women who came forward has so far filed any formal harassment complaint against the former CEO. As a result, Grace said, its directors decided "to request Mr. Bolduc's resignation, but not to seek his termination for cause...
...timing of Bolduc's ouster raised questions in some quarters about whether the board might have used the harassment charges as the ultimate weapon in a long-standing corporate power struggle. Before his departure, Bolduc had repeatedly clashed with then chairman J. Peter Grace, 81, who suffers from lung cancer. Among other things, Bolduc wanted the company to disclose to its shareholders that it was spending, among other things, $165,000 on Grace's annual nursing care and $200,000 a year for his security guards...
...Says Bolduc attorney Gerald Walpin: "After Mr. Bolduc responsibly acted as a corporate officer, suddenly charges were made, when there had never been a complaint [of harassment] before." Walpin added that his client "was never given any opportunity to face any of his alleged accusers, or even to know the identity of any of his accusers, both of which he requested...