Morrison Knudsen
From 1988 to 1995 Agee was Chairman, President and CEO of the construction company, Morrison Knudsen Corporation (MK) of Boise, Idaho. He had served on MK's Board of Directors for several years, and he was the Board's first choice to step in as CEO and President. At that time, a hostile takeover attempt by Chicago businessman Edward Heil and record losses were threatening the company’s existence. Agee successfully thwarted the takeover and returned the failing Morrison Knudsen to profitability within one year. By 1990, Agee had made the company highly profitable and it was debt-free. Agee had employed a diversification strategy which changed the company from one which was nearly totally reliant on heavy construction, to one which was involved in railroad remanufacturing, precious minerals such as gold, and the transit business. Agee formed MK Gold and MK Rail Corporation, and was appointed CEO of each. MK had record profits between 1989 and 1991 which derived from operating revenue, accounting decisions, and non-traditional sources of income such as investments.
In February 1995, when MK announced a loss of $310 million for fiscal year 1994, a leak of an intended Agee resignation drew broad media attention which resulted in Agee resigning earlier than originally planned.
Nearing bankruptcy in 1996, Morrison-Knudsen merged with Dennis Washington's Washington Construction Group in May, and later became Washington Group International, based at MK's headquarters in Boise.
Read more about this topic: William Agee
Famous quotes containing the word morrison:
“The most loving parents and relatives commit murder with smiles on their faces. They force us to destroy the person we really are: a subtle kind of murder.”
—Jim Morrison (1943–1971)