Joseph Peter Grace Jr. (May 25, 1913 – April 19, 1995) 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 Manhasset is a hamlet and census-designated place (CDP) in Nassau County, on the North Shore of Long Island, in New York. It is considered the anchor community of the Greater Manhasset area. The population was 8,176 at the 2020 United States ce ...

, he succeeded his father, Joseph Peter Grace Sr. (1872–1950), as President and CEO of

W. R. Grace and Company W. R. Grace and Co. is an American chemical business based in Columbia, Maryland. It produces specialty chemicals and specialty materials in two divisions: Grace Catalysts Technologies, which makes catalysts and related products and technologies ...

in 1945 when his father suffered a stroke. The firm was founded by his grandfather William R. Grace, the first

Roman Catholic Roman or Romans most often refers to: *Rome, the capital city of Italy * Ancient Rome, Roman civilization from 8th century BC to 5th century AD * Roman people, the people of ancient Rome *'' Epistle to the Romans'', shortened to ''Romans'', a let ...

to be elected Mayor of New York City. His maternal grandfather was

Charles B. Macdonald Charles Blair Macdonald (November 14, 1855 – April 21, 1939) was a major figure in early American golf. He built the first 18-hole course in the United States, was a driving force in the founding of the United States Golf Association, won the f ...

, a major figure in early American

golf Golf is a club-and-ball sport in which players use various clubs to hit balls into a series of holes on a course in as few strokes as possible. Golf, unlike most ball games, cannot and does not use a standardized playing area, and coping ...

who built the first 18-hole course in the United States.

Personal life

According to a ''

National Review ''National Review'' is an American conservative editorial magazine, focusing on news and commentary pieces on political, social, and cultural affairs. The magazine was founded by the author William F. Buckley Jr. in 1955. Its editor-in-chief ...

'' article, "Grace was the kind of man who, at age seventy, Indian-wrestled fellow chairmen of the board at his desk, showered in the evening to save time getting to work in the morning, wore a

Beretta Fabbrica d'Armi Pietro Beretta (; "Pietro Beretta Weapon Factory") is a privately held Italian firearms manufacturing company operating in several countries. Its firearms are used worldwide for a variety of civilian, law enforcement, and milita ...

pistol (for

terrorist Terrorism, in its broadest sense, is the use of criminal violence to provoke a state of terror or fear, mostly with the intention to achieve political or religious aims. The term is used in this regard primarily to refer to intentional violen ...

s), and, as a conservative

Democrat Democrat, Democrats, or Democratic may refer to: Politics *A proponent of democracy, or democratic government; a form of government involving rule by the people. *A member of a Democratic Party: **Democratic Party (United States) (D) **Democratic ...

, took out a full-page ad in ''

The New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid d ...

'' to support President Ronald Reagan's tax cuts." He married Margaret Fennelly in 1941, and the couple remained together until his death. Grace was a

Politics

In the

Kennedy administration John F. Kennedy's tenure as the 35th president of the United States, began with his inauguration on January 20, 1961, and ended with his assassination on November 22, 1963. A Democrat from Massachusetts, he took office following the 1960 ...

, J. Peter Grace was head of the Commerce Department Committee on the

Alliance for Progress The Alliance for Progress ( es, Alianza para el Progreso, links=no), initiated by U.S. President John F. Kennedy on March 13, 1961, ostensibly aimed to establish economic cooperation between the U.S. and Latin America. Governor Luis Muñoz Marí ...

. President Reagan, in announcing the selection of J. Peter Grace to lead the

Grace Commission The Private Sector Survey on Cost Control (PSSCC), commonly referred to as the Grace Commission, was an investigation requested by United States President Ronald Reagan, authorized in on June 30, 1982. In doing so President Reagan used the now fam ...

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. aughter
Milton Friedman Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the ...
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.

Grace, a Democrat, was asked what he would say to the campaign theme of

Walter Mondale Walter Frederick "Fritz" Mondale (January 5, 1928 – April 19, 2021) was an American lawyer and politician who served as the 42nd vice president of the United States from 1977 to 1981 under President Jimmy Carter. A U.S. senator from Minnesota ...

, 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."

Awards and memberships

In 1967, he was awarded the

Laetare Medal The Laetare Medal is an annual award given by the University of Notre Dame in recognition of outstanding service to the Catholic Church and society. The award is given to an American Catholic or group of Catholics "whose genius has ennobled the a ...

by the

University of Notre Dame The University of Notre Dame du Lac, known simply as Notre Dame ( ) or ND, is a private Catholic university, Catholic research university in Notre Dame, Indiana, outside the city of South Bend, Indiana, South Bend. French priest Edward Sorin fo ...

. In 1984, Grace received

The Hundred Year Association of New York The Hundred Year Association of New York, founded in 1927, is a non-profit organization in New York City that recognizes and rewards dedication and service to the City of New York by businesses and organizations that have been in operation in the ...

's Gold Medal Award "in recognition of outstanding contributions to the City of New York." That year, he also received the S. Roger Horchow Award for Greatest Public Service by a Private Citizen, an award given out annually by Jefferson Awards, and the Golden Plate Award of the

American Academy of Achievement The American Academy of Achievement, colloquially known as the Academy of Achievement, is a non-profit educational organization that recognizes some of the highest achieving individuals in diverse fields and gives them the opportunity to meet ...

. Grace was a leader in the American Association of the

Sovereign Military Order of Malta The Sovereign Military Order of Malta (SMOM), officially the Sovereign Military Hospitaller Order of Saint John of Jerusalem, of Rhodes and of Malta ( it, Sovrano Militare Ordine Ospedaliero di San Giovanni di Gerusalemme, di Rodi e di Malta; ...

. Grace was a member of the conservative American organization the

Council for National Policy The Council for National Policy (CNP) is an umbrella organization and networking group for conservative and Republican activists in the United States. It was launched in 1981 during the Reagan administration by Tim LaHaye and the Christian rig ...

References

External links

J. Peter Grace – SourceWatch

W. R. Grace & Co. (grace.com)
{{DEFAULTSORT:Grace, J. Peter 1913 births 1995 deaths American polo players American Roman Catholics American people of Irish descent Knights of Malta Businesspeople from New York (state) Yale University alumni New York (state) Democrats Laetare Medal recipients People from Manhasset, New York 20th-century American businesspeople