Abstract
The sudden resignation of J. P. Bolduc—the president and chief executive officer who led W.R. Grace through a major corporate metamorphosis—has alarmed institutional investors. Bolduc's announcement came after the New York Stock Exchange closed on March 2. The Boca Raton, Ha.-based firm says his voluntary departure resulted from differences of style and philosophy with the company's leadership. However, on March 8, Grace announced it was investigating more than $1 million in transactions between the company and J. Peter Grace III, who formerly headed the hotel services division. He is the son of Grace's chairman, J. Peter Grace—the 81-year-old grandson of the company's founder. A spokeswoman says the company is preparing the proper disclosure of the transactions under Securities & Exchange Commission requirements. She declined to comment as to whether these transactions entered into Bolduc's decision to leave the firm. Bolduc, 55, joined Grace as a senior vice president in 1983 and is credited with scra...
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