William Agee facts for kids
Quick facts for kids
William Agee
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Agee in 1990
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| Born |
William McReynolds Agee
January 5, 1938 Boise, Idaho, U.S.
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| Died | December 20, 2017 (aged 79) Seattle, Washington, U.S.
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| Education | College of Western Idaho University of Idaho (BS) Harvard University (MBA) |
| Known for | tenure as CEO of: Bendix Corporation (1976–1983) Morrison-Knudsen (1988–1995) |
| Spouse(s) |
Diane Weaver
(m. 1957; div. 1981)Mary Cunningham
(m. 1982) |
| Children | 5 |
William McReynolds Agee (January 5, 1938 – December 20, 2017) was an important American business leader. He became the president and chief executive officer (CEO) of the Bendix Corporation in 1976 when he was just 38 years old. Later, from 1988 to 1995, Agee led another big company called Morrison-Knudsen as its chairman, president, and CEO.
Agee was also a business advisor, an investor in new companies (a venture capitalist), and led a charitable foundation. He received six special degrees called honorary doctorates. He was also on the boards of many large companies, including Equitable Life and Dow Jones. In 1979, he was featured on the cover of Time magazine.
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Early Life and School Days
William McReynolds Agee was born in Boise, Idaho. He was the middle child and the only son of Harold and Suzanne Agee. His father, Harold, had many different jobs, including working in manufacturing and as a dairy farmer.
In 1953, when Bill was 15, his family moved to a dairy farm in Meridian. Bill started at Meridian High. He was a very smart and well-liked student. He was elected class president in his first year and again in his final year. Bill was also a good athlete in many sports. He graduated in 1956.
Higher Education Journey
After high school, Agee went to Stanford University for a year. Then he enrolled at the University of Idaho in Moscow. While studying, he worked 40 hours a week in the accounting department at Albertson's. He earned an associate's degree and later graduated with high honors in 1960. He was also elected senior class president.
In 1961, Agee went to Harvard Business School. He earned a Masters in Business Administration (MBA) degree with honors in 1963. The next year, he became a Certified Public Accountant (CPA).
Working at Boise Cascade
At age 25, Agee was hired by Boise Cascade, a large company. He started as an assistant to the CEO. By 1969, at age 31, he became the Chief Financial Officer (CFO). This meant he was in charge of the company's money. He became Senior Vice President in 1971. After nine years, he left Boise Cascade in 1972.
Leading Bendix Corporation
In May 1972, Agee joined Bendix Corporation, a company that made parts for cars. He became the CFO and a member of the Board of Directors. In December 1976, at 38, he was made President. A few weeks later, he became the CEO when the previous CEO left to work for the U.S. government.
Agee was known for his bold ideas at Bendix. He wanted to change the company from making traditional parts to focusing on high-tech areas. This strategy greatly increased the value of Bendix's stock. Even during tough economic times, Bendix's profits grew a lot under his leadership.
Agee was a unique leader for his time. He often dressed casually, which was unusual for executives in the 1970s. He also changed the boardroom to make it more comfortable for discussions. He even got rid of special parking spots for top executives, so the best spots went to those who arrived earliest.
He believed in promoting young employees based on their skills, not just how long they had worked there. In 1980, he promoted Mary Cunningham, who was 28 and had been his assistant, to a vice president role. Agee and Cunningham later married in 1982.
Agee tried to expand Bendix by trying to buy another company called Martin Marietta. This led to a big business battle in 1982. Both companies tried to buy each other at the same time. Eventually, another company, Allied Corp., stepped in. Bendix became part of Allied, and Agee resigned after the merger.
Leading Morrison Knudsen
From 1988 to 1995, Agee was the Chairman, President, and CEO of Morrison-Knudsen Corporation (MK), a construction company in his hometown of Boise. He helped the company recover from financial problems and become profitable again within a year.
Agee tried to make MK more diverse by getting into new areas like railroad repair and mining. He formed new companies like MK Gold and MK Rail. However, when the rail business faced problems, MK struggled. In February 1995, the MK board decided to end Agee's time as CEO.
Morrison-Knudsen later merged with another company and became Washington Group International.
Business Consulting and Philanthropy
After his time at large corporations, Agee became the Chairman of Semper Charitable Foundation, a foundation that gives money to good causes. He also co-founded Semper Partners with his wife, Mary Cunningham Agee. This firm helped new businesses grow and offered advice.
One example of his success was helping Mozzarella Fresca grow into a major fresh mozzarella maker in the Western U.S.
Agee also served on the Board of Directors for many other well-known companies, including Dow Jones and Equitable Life. He was involved in several organizations focused on economic development and community improvement.
Later Years and Passing
William Agee passed away on December 20, 2017, at the age of 79. He died in Seattle from health problems related to his lungs and other conditions.
Awards and Recognitions
Agee received many honors throughout his life. He was given honorary doctorate degrees from several universities. In 1978, he received a special award from Harvard Business School. He was also inducted into the alumni hall of fame at the University of Idaho in 1978. In 1990, he received the Ellis Island Medal of Honor.
