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Reserved Seats At Greyhound


In Business This Week

RESERVED SEATS AT GREYHOUND

Greyhound Lines, it appears, has finally mollified its investors. In an extraordinary effort to make peace, the bus company announced Aug. 24 that it would immediately grant three seats on its nine-member board to Connor, Clark, the Toronto firm that is its largest investor. Only two weeks ago, under pressure from investors unhappy with poor results, Greyhound Chief Executive Frank Schmieder stepped down. Then, Connor Clark rejected an offer of two seats tied to several conditions, such as the demand that Connor Clark wouldn't contact current or former Greyhound directors, employees, or suppliers. Now, though, the two sides say they will work together "to rebuild Greyhound's financial strength."EDITED BY KEITH H. HAMMONDS


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