Grayer Heads To the Rescue.

• Position: Brief Article

It looks like a case of turning to older and wiser heads. Older, certainly.

When PSINet Inc., the foundering Internet services provider, announced a list of executives to advise it on its ongoing restructuring, prominent among them were men a generation older than the previous leadership. Heading the effort is Ian Sharp, 69, as the company's new chairman, replacing Wiliam L. Schrader, 49. Helping Sharp will be a restructuring committee that will include Ralph Swett, 66, and William H. Baumer, 68.

Harry Hobbs, the company's 47-year old president, is also on the restructuring committee, and the company's CFO, Lawrence E. Hyatt, is another relative youngster at 46.

PSINet is going through a wrenching recovery effort. The Ashburn, Va.-based company was advised by Nasdaq in late April that its shares no longer met listing requirements, and it has been exploring alternatives ranging from selling itself to declaring...