Clarifying Calpers' Role At Boise Cascade
In stating that Dale Hanson of the California Public Employees' Retirement System "played a role...in the early retirement of Boise Cascade's John Fery," BUSINESS WEEK erred ("Corporate slackers can breathe easier," In Business This Week, May 30). It's implied that Fery was pressured by Boise Cascade's board to retire.
Fery's decision to retire was his alone and approved by the board. It was a decision he postponed for several years while he led the company's fight to minimize the effects of depressed prices for its key grades of paper.
Fery has provided outstanding leadership to Boise Cascade Corp. during his 22 years as CEO. When he steps down on July 29, he will have guided the company through the most difficult economic period in its history and prepared it to profit from a recovery in paper prices, which we have reason to believe is under way.
Anne L. Armstrong, Chairman
Committee of Outside Directors
Boise Cascade Corp.
Editor's note: BUSINESS WEEK never intended to imply that Boise Cascade's board pressured Fery to retire early. Since 1992, however, CalPERS has been highly critical of the company, and Hanson has met with management and some of its outside directors.