Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, February 11, 1995 TAG: 9502130027
SECTION: BUSINESS PAGE: A-4 EDITION: METRO
SOURCE: Associated Press
DATELINE: LENGTH: Medium
The 57-year-old boss of Morrison Knudsen Corp., an engineering-construction business that helped build the Hoover Dam, Golden Gate Bridge and Alaska oil pipeline, quit under pressure as chairman and chief executive. His resignation, announced Friday, came six years after the company hired him to salvage its loss-riddled operations.
Although Agee at first steered Morrison Knudsen back to profitability, he appeared to lose his golden touch last spring, when the Boise, Idaho-based company began to lose money again.
Agee also was scorned by many Morrison Knudsen veterans, including the founder's widow, who accused him of arrogance and extravagances unbecoming an executive whose company faced deep financial problems.
``All I can say is, good riddance,'' said Velma Morrison, wife of Harry Morrison, after word of Agee's departure spread. ``It was terrible how bad the morale was. Everyone disliked him very much.''
There have been reports he used the company jet for private purposes before it was sold last summer and spent company funds on landscaping for his home and a painting of himself and his wife.
The board said Agee resigned late Thursday. It moved quickly to replace him, installing ex-Reagan administration official William Clark as acting chairman and promoting Stephen G. Hanks, an executive vice president of administration and finance, to acting chief executive.
The moves came a week after the company scrapped the shareholder dividend, projected weaker-than-expected earnings and said it might sell some businesses.
In trading Friday on the New York Stock Exchange, Morrison Knudsen shares rose 62 1/2 cents to $10.25, well below the stock's 52-week high of $29.62 1/2 in April.
by CNB