J. Peter Grace
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Grace in 1982
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| Born | Joseph Peter Grace Jr. May 25, 1913
Manhasset, New York, United States
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| Died | April 19, 1995(1995-04-19) (aged 81)
Manhattan, New York, United States
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| Education | Yale University |
| Political party | Democratic |
| Board member of | W. R. Grace and Company, Grace Shipping Company, Grace National Bank, Citicorp, Ingersoll-Rand, Magnavox |
| Spouse |
Margaret Fennelly (m. 1941) |
| Children | 9 |
| Parent |
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| Relatives | William Russell Grace (grandfather)
Michael P. Grace (great uncle) Michael P. Grace II (brother) |
| Honors |
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Joseph Peter Grace Jr. (May 25, 1913 – April 19, 1995)[1] was an American industrialist who was president of the diversified chemical company, W. R. Grace & Co., for 48 years, making him the longest serving CEO of a public company.
Born in Manhasset, New York, he succeeded his father, Joseph Peter Grace Sr. (1872–1950), as President and CEOofW. R. Grace and Company after his father suffered a stroke in 1945. The firm was founded by his grandfather William R. Grace, the first Roman Catholic to be elected Mayor of New York City. Michael Paul Grace, an earlier chairman of the board of directors of W.R. Grace & Co., was his uncle. His maternal grandfather was Charles B. Macdonald, a major figure in early American golf who built the first 18-hole course in the United States.[2]
Joseph Peter Grace Jr. was born May 25, 1913, in Manhasset, New York. His father was Joseph Peter Grace Sr., the former president and CEO of W.R. Grace, and his mother was Janet MacDonald. His siblings were Janet Maureen Grace, Charles MacDonald Grace, Michael P. Grace ll, and Nora Grace.[3]
He attended St. Paul's School in Concord, New Hampshire and Yale University. In 1936, he started working in the W.R. Grace mailroom when he was at the age of 23. He became CEO and president of W.R. Grace when his father had a stroke in 1945 and subsequently retired in 1946.[4]
As the president and chief executive officer of W.R. Grace, the company went through a massive diversification transformation.
The company evolved into the fifth largest producer of chemicals in the U.S.. Adding to the diversification strategy was the acquisition of restaurants, sporting good stores, and auto parts companies.[5]
| Title | Year | Journal (if applicable)
or Book Publisher |
Copyright Claimant |
|---|---|---|---|
| United States Business Responds[6] | 1961 | The Annals of the American Academy of Political and Social Science | American Academy of Political and Social Science (PCW) |
| Removing the false assumptions from economic policymaking[7] | 1981 | Journal of Technology and Society | Pergamon Press |
| Charting a course for America’s new beginning[8] | 1981 | W.R. Grace & Company | |
| Burning Money: | 1984 | MacMillan Publishers | The Foundation for the President’s Private Sector Survey on Cost Control, Inc. |
| Six Virginia papers presented at the Miller Center Forums, by Theodore C. Sorenson, J. Peter Grace, Ted Greenwood ... [et al.].[11] | 1985 | The Virginia Papers on the Presidency | University Press of America |
| Wielding the Gramm-RudmanAx[12] | 1986 | Journal of Accountancy | American Institute of Certified Public Accountants (AICPA) |
J. Peter Grace was Roman Catholic.[13] However, his mother, Janet MacDonald, was Presbyterian while his father, J. Peter Grace Sr., was Roman Catholic. He stated in a 1987 interview that he didn't understand the division between the faiths. In the same interview, he said "it is up to the really good people to get into activities that influence lives".[14]
He was a founding member of Legatus, an international organization of Catholic CEOs, with the shared goal to study and live in accordance with their faith as well as to spread the Christian faith in their professional and personal lives.[1] He married Margaret Fennelly in 1941, and the couple remained together until his death.[15]
During the Kennedy administration, J. Peter Grace was head of the Commerce Department Committee on the Alliance for Progress.[16] President Reagan, in announcing the selection of J. Peter Grace to lead the Grace Commission on waste and inefficiency in the Federal government, said:
We have a problem that's been 40 years in the making, and we have to find ways to solve it. And I didn't want to ruin your appetites, so I waited till now to tell you this, but during the hour we're together here eating and talking, the Government has spent $83 million. And by the way, that includes the price of your lunch. [Laughter] Milton Friedman is right. There really is no such thing as a free lunch. The interest on our debt for the last hour was about $10 million of that.
In selecting your Committee, we didn't care whether you were Democrats or Republicans. Starting with Peter Grace, we just wanted to get the very best people we could find, and I think we were successful.
I'll repeat to you today what I said a week ago when I announced Peter's appointment: Be bold. We want your team to work like tireless bloodhounds. Don't leave any stone unturned in your search to root out inefficiency.[17]
Grace, a Democrat, was asked what he would say to the campaign theme of Walter Mondale, the 1984 Democratic Presidential candidate, that higher taxes would be required to ease the deficit regardless of who wins the November election.
"I'd tell him he's nuts," Grace said. "He's wrong. He's wrong."[18]
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