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Encyclopedia > William Agee

William Joseph Agee (born January 5, 1938 in Boise, Idaho) is a controversial former American business executive, most notably as the CEO of Bendix in Michigan and later with Morrison-Knudsen of Idaho. Year 1938 (MCMXXXVIII) was a common year starting on Saturday (link will take you to calendar). ... Nickname: City of Trees Motto: Energy Peril Success Location of Boise in the State of Idaho Coordinates: Country United States State Idaho County Ada Founded 1863 Incorporated 1864 Mayor David H. Bieter (NP) Area    - City {{{area_total}}} km²  (64 sq mi) Elevation {{{elevation}}} m  (2700 ft) Population  - City 211,830  - Metro... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... The Bendix Corporation was founded in 1924 by the inventor Vincent Bendix. ... Official language(s) None (English, de-facto) Capital Lansing Largest city Detroit Area  Ranked 11th  - Total 97,990 sq mi (253,793 km²)  - Width 239 miles (385 km)  - Length 491 miles (790 km)  - % water 41. ... Washington Group International provides integrated engineering, construction and management services to businesses and governments around the world. ... This article or section does not cite its references or sources. ...

Contents

Early life

William McReynolds Agee was born in Boise, the middle child (and only son) of Harold J. and Suzanne (McReynolds) Agee. Harold had many careers and experiences: manufacturing executive, dairy farmer, state legislator, and son of a Baptist minister. Nickname: City of Trees Motto: Energy Peril Success Location of Boise in the State of Idaho Coordinates: Country United States State Idaho County Ada Founded 1863 Incorporated 1864 Mayor David H. Bieter (NP) Area    - City {{{area_total}}} km²  (64 sq mi) Elevation {{{elevation}}} m  (2700 ft) Population  - City 211,830  - Metro...


Harold moved the family to a dairy farm in nearby Meridian in 1953, and Bill transferred to Meridian High at age 15. He quickly established himself as a bright and popular student with leadership skills. Agee was elected class president in that first year as a sophomore and again in his senior year. He also played varsity basketball and was named one of the two most studious members of his class, which graduated in 1956. Meridian is a city in Ada County, Idaho. ... 1953 (MCMLIII) was a common year starting on Thursday. ... Meridian High School is a senior high school located in Meridian, Idaho, comprised of grades 9-12. ... Sara Giauro shoots a three-point shot, FIBA Europe Cup for Women Finals 2005. ... Year 1956 (MCMLVI) was a leap year starting on Sunday of the Gregorian calendar. ...


Agee began his college studies at Stanford University that fall, but married Diane Rae Weaver of Boise after his freshman year in September 1957. The wedding took place at the First Presbyterian Church in Boise. He stayed in Boise for his sophomore year and received his associate of arts degree from Boise Junior College in 1958. He transferred to the University of Idaho for his final two years and a received a bachelor's degree in business (with highest honors) in 1960. Initially turned down by the graduate business school at Harvard, Agee enrolled in 1961 and was awarded an MBA with distinction in 1963. He later received the Harvard Business School Alumni Achievement Award in 1977. The Leland Stanford Junior University, commonly known as Stanford University (or simply Stanford), is a private university located approximately 37 miles (60 kilometers) southeast of San Francisco and approximately 20 miles northwest of San José in an unincorporated area of Santa Clara County. ... Year 1957 (MCMLVII) was a common year starting on Tuesday of the Gregorian calendar. ... Boise State University is a state university located near downtown Boise, the capital city of Idaho. ... Year 1958 (MCMLVIII) was a common year starting on Wednesday of the Gregorian calendar. ... The University of Idaho is the states most prominent land-grant and primary research university, located in the city of Moscow in Latah County. ... 1960 (MCMLX) was a leap year starting on Friday (the link is to a full 1960 calendar). ... Harvard Business School, officially named the Harvard Business School: George F. Baker Foundation, and also known as HBS, is one of the graduate schools of Harvard University. ... 1961 (MCMLXI) was a common year starting on Sunday (the link is to a full 1961 calendar). ... Master of Business Administration (MBA) is a tertiary degree in business management. ... 1963 (MCMLXIII) was a common year starting on Tuesday (the link is to a full 1963 calendar). ... For the album by Ash, see 1977 (album). ...


Boise Cascade

Bill Agee joined the Boise Cascade Corporation in 1963 after receiving his MBA and quickly moved up the ladder. He was appointed CFO in 1969 at age 31 and senior vice president in 1971. Recognizing that executive vice president John Fery was next in line to become CEO, Agee moved to the Bendix Corporation near Detroit in May of 1972. Agee left Boise Cascade just ahead of the news that the company lost a then-staggering $170 million in the previous fiscal year. Boise Cascade LLC, which uses the trade name Boise, is an American pulp and paper company, ranked as the thirteenth biggest pulp and paper company in the world. ... 1963 (MCMLXIII) was a common year starting on Tuesday (the link is to a full 1963 calendar). ... CFO is usually short for Chief Financial Officer, but may also mean: Carrier frequency offset Ceramic fiber optics Chief Fire Officer Chief of Flight Operations Conselho Federal de Odontologia (cfo. ... For the Stargate SG-1 episode, see 1969 (Stargate SG-1). ... 1971 (MCMLXXI) was a common year starting on Friday (the link is to a full 1971 calendar). ... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... The Bendix Corporation was founded in 1924 by the inventor Vincent Bendix. ... Nickname: Motto: Speramus Meliora; Resurget Cineribus (Latin for, We Hope For Better Things; It Shall Rise From the Ashes) Location in Wayne County, Michigan Coordinates: Country United States State Michigan County Wayne County  - Mayor Kwame Kilpatrick Area    - City 370. ... 1972 (MCMLXXII) was a leap year starting on Saturday. ...


Bendix

William Agee was hired by Bendix CEO Michael Blumenthal as CFO and executive vice president, with a seat on the board of directors. Agee was elected president of the company in December 1976 at the age of 38, and elevated to CEO a few weeks later when Blumenthal departed to join President-elect Jimmy Carter's cabinet as Secretary of the Treasury. Blumenthal, Time, as Treasury Secy Werner Michael Blumenthal (born January 3, 1926) served as United States Secretary of the Treasury under President Jimmy Carter from 1977-1979. ... CFO is usually short for Chief Financial Officer, but may also mean: Carrier frequency offset Ceramic fiber optics Chief Fire Officer Chief of Flight Operations Conselho Federal de Odontologia (cfo. ... In relation to a company, a director is an officer of the company charged with the conduct and management of its affairs. ... 1976 (MCMLXXVI) was a leap year starting on Thursday. ... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... For other persons named Jimmy Carter, see Jimmy Carter (disambiguation). ... A cabinet is a body of high-ranking members of government, typically representing the executive branch. ... The United States Secretary of the Treasury is the finance minister of the Federal Government of the United States. ...


As an executive, Agee boosted Bendix's stock price through canny investing, and won converts to his idea Bendix could break from its mature industry (automotive parts) by going high-tech through selective acquisitions.


Bill Agee was an unorthodox executive for the 1970s, often dressing in business casual attire years before it was in vogue. He removed the traditional table in the board room to improve communication, and replaced it with large comfortable reclining chairs. He also liked to reward and promote young employees, a practice which came under considerable scrutiny in 1980. The 1970s decade refers to the years from 1970 to 1979, inclusive. ... Business casual, sometimes called smart casual, is a potentially confusing dress code, due to its oxymoronic construction. ... 1980 (MCMLXXX) was a leap year starting on Tuesday. ...


The nationally-publicized office romance between Agee and his former executive assistant, Mary Cunningham came to light in 1980. A recent Harvard MBA graduate (1979), Cunningham was rapidly promoted within Bendix by Agee, which eventually received considerable national publicity. She resigned in October 1980, moving to Seagram's in New York City. An affair is often a euphemism for a situation where two people are involved in an inappropriate romantic relationship. ... Mary Cunningham Agees office romance with Bendix Corporation CEO William Agee torpedoed Bendixs 1982 attempt to acquire Martin Marietta and, in the process, destroyed Bendix, too. ... 1980 (MCMLXXX) was a leap year starting on Tuesday. ... Harvard Business School, officially named the Harvard Business School: George F. Baker Foundation, and also known as HBS, is one of the graduate schools of Harvard University. ... For the song by The Smashing Pumpkins, see 1979 (song). ... 1980 (MCMLXXX) was a leap year starting on Tuesday. ... The Seagram Company Ltd. ... Nickname: Big Apple, Gotham, NYC, City That Never Sleeps, The Concrete Jungle, The City So Nice They Named It Twice Location in the state of New York Coordinates: Country United States State New York Boroughs The Bronx Brooklyn Manhattan Queens Staten Island Settled 1613  - Mayor Michael Bloomberg (R) Area    - City...


In the era of corporate takeovers, Agee felt compelled to participate. His bold attempt to acquire Martin Marietta in 1982 went sour and soon the roles were reversed. Bendix sought a partner to fend off the takeover and eventually merged with Allied Corporation, a deal which was completed in February 1983. But the new CEO of the combined company was to be from Allied, and within days Agee discovered he was not in favor and announced his resignation, effective June 1. Agee received a handsome severence, a golden parachute, which included five years continuation of his $825,000 annual salary. Bendix's stock price more than doubled during his 6 years as CEO, from under $40 to $85 at the merger. Martin Marietta Corporation was founded in 1961 through the merger of The Martin Company and American-Marietta Corporation. ... 1982 (MCMLXXXII) was a common year starting on Friday of the Gregorian calendar. ... Allied Corporation was a major American company with operations in the aerospace, automotive, oil and gas industries. ... 1983 (MCMLXXXIII) was a common year starting on Saturday of the Gregorian calendar. ... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... Allied Corporation was a major American company with operations in the aerospace, automotive, oil and gas industries. ... A Golden Parachute is a clause in the contract of a CEO or other executive officers of a corporation, that if the corporation is acquired it pays them a certain amount of money, or stock options. ... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ...


Family estrangement

Agee and Mary Cunningham were married in June 1982, the second marriage for both. Until his departure from Bendix, the two-city couple commuted between their house in the Detroit suburbs and a suite at the Helmsley Palace in New York City. After Bendix, they retreated to a house on Cape Cod, and later Pebble Beach, California. Agee had converted to Catholicism in July 1981, after several months of instruction. Both Agee and Cunningham had received annulments from their previous marriages. Mary Cunningham Agees office romance with Bendix Corporation CEO William Agee torpedoed Bendixs 1982 attempt to acquire Martin Marietta and, in the process, destroyed Bendix, too. ... 1982 (MCMLXXXII) was a common year starting on Friday of the Gregorian calendar. ... Motto: Speramus Meliora; Resurget Cineribus (We Hope For Better Things; It Shall Rise From the Ashes - this motto was adopted after the disastrous 1805 fire that devastated the city) Nickname: The Motor City and Motown Location in Wayne County, Michigan Founded Incorporated July 24, 1701 1815  County Wayne County Mayor... This article or section does not cite its references or sources. ... Nickname: Big Apple, Gotham, NYC, City That Never Sleeps, The Concrete Jungle, The City So Nice They Named It Twice Location in the state of New York Coordinates: Country United States State New York Boroughs The Bronx Brooklyn Manhattan Queens Staten Island Settled 1613  - Mayor Michael Bloomberg (R) Area    - City... Cape Cod and Cape Cod Bay from space. ... Pebble Beach Pebble Beach is a small private coastal community in northern California. ... As a Christian ecclesiastical term, Catholic - from the Greek adjective , meaning general or universal[1] - is described in the Oxford English Dictionary as follows: ~Church, (originally) whole body of Christians; ~, belonging to or in accord with (a) this, (b) the church before separation into Greek or Eastern and Latin or... 1981 (MCMLXXXI) was a common year starting on Thursday of the Gregorian calendar. ... Annulment is a legal procedure for declaring a marriage null and void. ...


When Agee's father Harold was dying of cancer in 1986, he attempted to mend fences with his son. But in the process, millionaires Bill & Mary tried to meddle in Harold's estate planning and two weeks before his death, Harold wrote Bill out of his will. 1986 (MCMLXXXVI) was a common year starting on Wednesday of the Gregorian calendar. ...


Bill's mother Suzanne ended all contact, saying she didn't want to see Bill if it meant seeing Mary. As she lay dying in a Boise hospital in June 1990, Bill (then with MK, just blocks away) did not visit nor attend her funeral. William Agee legally changed his middle name to "Joseph" a month after his mother died. His middle name had been "McReynolds", his mother's maiden name. Agee was also not on speaking terms with his two sisters (Carolyn Hjort & Jackie Agee), ex-wife (Diane), or their three grown children. 1990 (MCMXC) was a common year starting on Monday of the Gregorian calendar. ...


Morrison-Knudsen

In 1988, Bill Agee was hired as CEO of Morrison-Knudsen (MK), the major construction company headquartered in Boise. He directed MK into non-traditional sectors and MK soon encountered serious financial difficulties. Agee used MK money for controversial expenditures, primarily his expense account and questionable charitable contributions. He employed a retinue of bodyguards at company expense and used the corporate jet as a family taxi. If employees appeared disloyal to Agee, they were fired or their phones were tapped. After retreating from Boise in 1994 to escape angry MK workers (and neighbors), Agee ran the company by remote control from his seaside estate in Pebble Beach, California. After several years of financial problems and questionable practices, Agee was pressured by the MK board of directors to resign in February 1995, and once again, departed with a golden parachute. When Agee had arrived in 1988, MK's stock price was $21.75; it was $12.50 when he was ousted, and around $6 shortly thereafter. 1988 (MCMLXXXVIII) was a leap year starting on Friday of the Gregorian calendar. ... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... Washington Group International provides integrated engineering, construction and management services to businesses and governments around the world. ... Nickname: City of Trees Motto: Energy Peril Success Location of Boise in the State of Idaho Coordinates: Country United States State Idaho County Ada Founded 1863 Incorporated 1864 Mayor David H. Bieter (NP) Area    - City {{{area_total}}} km²  (64 sq mi) Elevation {{{elevation}}} m  (2700 ft) Population  - City 211,830  - Metro... 1994 (MCMXCIV) was a common year starting on Saturday of the Gregorian calendar, and was designated as the International Year of the Family and the International Year of the Sport and the Olympic Ideal by United Nations. ... Pebble Beach Pebble Beach is a small private coastal community in northern California. ... 1995 (MCMXCV) was a common year starting on Sunday of the Gregorian calendar. ... 1988 (MCMLXXXVIII) was a leap year starting on Friday of the Gregorian calendar. ...


MK was acquired by Dennis Washington in 1996, and became the major component of Washington Group International, where it survived two bankruptcies and is finally back on track and thriving. Dennis Washington, born in Spokane, Washington in 1934, is a Montana-based industrialist who owns, or owns controlling interest in, a large consortium of privately held companies collectively known as the Washington Companies. ... 1996 (MCMXCVI) was a leap year starting on Monday of the Gregorian calendar, and was designated the International Year for the Eradication of Poverty. ... Washington Group International provides integrated engineering, construction and management services to businesses and governments around the world. ...


External links

  • A managerial perspective [1]

References

  • "Reversal of Fortune," The Seattle Times, June 12, 1995, p.E-1
  • The Wreck of Morrison Knudsen Time, April 3, 1995
  • Golden Goodbye Time, February 21, 1983
  • Bendix Abuzz Time, October 6, 1980
  • Room at the Top Time, February 21, 1977
  • University of Idaho Alumni Hall of Fame Award - 1978 - William Agee - class of 1960

 
 

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