W.R. Grace Has An Age Old Problem
GEEZERS NEED NOT APPLY? College Retirement Equities Fund wants to amend the bylaws of W.R. Grace to bar the nomination of directors who would reach the age of 70 before the end of their terms--a proposal that would make 14 of Grace's 22 current board members ineligible for reelection. The idea comes a week after popular CEO J.R. Bolduc resigned after differences with Chairman Peter Grace, 81. The company said CREF's measure would get "serious consideration." One shareholder says that while the proposal may not be acted on, the board clearly has to do something to "calm the fires," calling Grace "ripe for breakup or takeover."