More than an in-law, a business partner too…

March 15, 2005

Let’s hope that Gary Tepas, CEO of EmKay Leasing gave his brother-in-law a generous Christmas present last year. After all, Graco (GGG) the publicly traded company where David Roberts serves as president and CEO sharply increased its business dealings with privately-held EmKay last year. In its recent proxy, Graco said that it had paid EmKay $1.44 million for the lease and maintenance of 164 vehicles in 2004, up 35% from the $1.06 million it spent in 2003, despite the fact that the 2003 deal covered more vehicles. In the proxy, Graco goes on to note that the deal had been discussed and approved by its board back in September 2002. What’s not clear from the filings is whether the board has talked about it since and if so, whether they also gave the green-light to the 35% spike in business.

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