Earlier quoted context omitted.
He put the policy in place when he was hired (before then it was a more loose "come to the office if/when you want to", which worked for a 20 person company, but doesn't work so well with a 50 or 100 person company), along with more regular working hours (flex hours are fine but everyone is generally expected to be in the office between 10am - 3pm to allow meetings to be scheduled)
by old and rich i mean exactly what you described -- a person who works as a manager, is middle aged, and makes a healthy six figure salary. that's "rich" to most people. the ceo in a 20M mansion certainly qualifies also.
And while I may be biased by being a decade older, "mid-forties" doesn't seem old for a senior manager.
In any case, unless someone is truly wealthy, you can't say "Oh well they don't care about their job because they are rich", because they need that job, and if they are a poor manager, they'll lose that job.