Board Names Robert E. Fee President & COO of The Turner Corporation and President and CEO of Turner Construction Company.

NEW YORK--(BUSINESS WIRE)--Sept. 24, 1998--

Thomas C. Leppert to Chair Long-Range Planning Committee 

Major Management Shifts Key To Company's Strategic Direction

The Turner Corporation (AMEX:TUR) announced its naming of Robert E. Fee to serve as president and chief executive officer of Turner Construction Company and president and chief operating officer of The Turner Corporation.

Mr. Fee, who was named president and chief operating officer of Turner Construction Company by the board of directors in 1997, assumes the role of chief executive officer of the subsidiary, relinquished by chairman E.T. "Bud" Gravette, Jr. He also assumes the duties of president and chief operating officer of The Turner Corporation, formerly held by Harold J. Parmelee, now president-asset management-The Turner Corporation.

"Bob Fee brings an impressive portfolio of accomplishments in his construction industry career and in association with Turner Construction Company," said Mr. Gravette. "Bob has directed major projects built by Turner in the U.S. and abroad for more than 35 years. He knows the Turner culture. He knows where we are and how we got here. More importantly, he appreciates where The Turner Corporation can go and what it must do to get there."

In a related move, Turner Corporation chairman and chief executive officer, Gravette, agreed to a request from the board that he serve two additional years in that capacity to affect an orderly transition in management succession at one of America's largest building construction firms.

Since Mr. Gravette assumed leadership of The Turner Corporation in 1996, he has directed a restructuring program that returned the firm to profitability. A champion of increased productivity and total quality commitment at Turner, he also led a board initiative focused on succession planning for the corporation.

Director Thomas C. Leppert, currently trustee for The Estate of James Campbell, Honolulu, Hawaii, also was named by the board to chair the newly formed board Committee on Long-Range Planning. That group was created to consider important strategic planning issues with long-term implications for The Turner Corporation.

Serving on the Committee with Mr. Leppert, who joined The Turner Corporation Board of Directors in May, are: chairman E.T. Gravette, Jr.; G. Jeffrey Records, Jr., chairman and chief executive officer, MidFirst Bank; and John O. Whitney, professor and executive director, The Deming Center for Quality Management, Columbia University Business School.

The board secured Mr. Gravette's commitment to remain as chairman for a transition period and worked to develop the appointments of Mr. Fee and Mr. Leppert, both key to management succession and the board's involvement in continued growth and profitability at The Turner Corporation.

"As I commit to serve two more years as chairman," Mr. Gravette said, " The Turner Corporation stands on a foundation of renewed profitability and prudent cash reserves for the future. Part of the legacy I want to leave the Corporation and its shareholders is a strong management team that will build on the success that generations of the Turner Team developed."

Commenting on the board appointments, Mr. Gravette said, "When I joined Turner as chairman two years ago, after serving 17 years on its board, I committed to return this company to profitability, to reinforce its strengths as the undisputed leader in quality construction, to chart its course for the future, and to establish a management team that will lead this company into the 21st Century."

"The team at Turner Corporation," he emphasized, "has restored positive momentum here and has achieved six successive quarters of steadily mounting profits. We have continued to enhance our reputation as the premier builder of world-class projects in the U.S."

He also noted that Mr. Leppert's board Committee on Long-Range Planning will play a key role in charting a course for The Turner Corporation as it increasingly competes and wins major development projects in diverse industries and applications throughout the world.

"We have assembled a very capable committee. Each member contributes a wealth of outside experiences and broad business perspectives to the long range planning effort at The Turner Corporation," Mr. Gravette said.

"As chairman of this committee, Mr. Leppert brings substantial experience in corporate strategy, operations, and restructuring based on his years as a principal at McKinsey & Company and as a leader of several major corporate organizations since that time. His expertise as a keen strategist and his knowledge in areas ranging from finance and economics, to construction and real estate development are strong assets for the Long-Range Planning Committee of the board."

"In order to benefit from the continuity of strong management and the strategic planning process, we now have in place what promises to be the superb efforts of Tom Leppert's Long-Range Planning Committee for the board and Bob Fee's construction industry experience," noted Mr. Gravette.

"The Turner Corporation can assure shareholders that we will enter the next century poised for well-disciplined, strategically planned development as a leader in the building construction industry," he added.

The Turner Corporation, through Turner Construction Company and other construction subsidiaries, provides a complete range of construction and program management services in all segments of the non-residential building market. With more than sixty per cent of Turner's business coming from repeat clients, the Company is a recognized industry leader in providing quality service in diverse markets.

Turner, operating through 42 offices, has construction projects under way throughout the United States and abroad. During 1997, The Turner Corporation completed $3.6 billion of construction projects in the United States.

1997 US projects included: Rhone-Poulenc Rorer Central Research Facility and World Headquarters, Collegeville, Pennsylvania; Gund Arena, Cleveland, Ohio; Boehringer Ingelheim Research and Development Facility, Ridgefield, Connecticut; ALCOA Corporate Center, Pittsburgh, Pennsylvania; Cincinnati Art Museum, Cincinnati, Ohio; Disney Institute, Lake Buena Vista, Florida; and the KPMG Tower at Tysons Corner, McLean, Virginia.

For additional information, please contact: Jeannette E. Paladino, director or Raymond F. McNulty, director Citigate Communications, Inc Tel: [phone]; Fax: [phone]; Email:[e-mail] or [e-mail]

For Specific Turner Corporation Financial / Shareholder Information, please contact: Donald G. Sleeman, senior vice president and chief financial officer The Turner Corporation 375 Hudson Street New York, NY 10014 Phone: [phone]; Fax: (212)- 229-6073 E-Mail: [e-mail] www.turnerconstruction.com