Former Cyanamid head named W.R. Grace CEO

W.R. Grace & Co.—embroiled over the past two months in resignations and accusations of improprieties—has named Albert J. Costello as its new president and chief executive officer, effective May 1. Costello, 59, succeeds J. P. Bolduc, who resigned March 2 after sexual harassment allegations were made against him (C&EN, April 10, page 10). Costello was CEO and chairman of the board at American Cyanamid from April 1993 to December 1994, when the company was acquired by American Home Products. Costello started as a chemist at Cyanamid in 1957. The new Grace CEO "has a pretty good record at running and growing businesses," says Andrew W. Cash, a chemicals analyst at PaineWebber, an investment banking firm in New York City. He has a good track record with agricultural chemicals and spinning off unprofitable businesses, Cash adds. "Expect him to pick up where J. P. Bolduc left off." Bolduc is credited with turning Grace around by unloading ...