Chief Executive Officer for Orange County's Toll Road Agencies Announces Retirement; Wally Kreutzen Announces Retirement after Nearly 15 Years of Service.

IRVINE, Calif. -- Wally Kreutzen, CEO of the Transportation Corridor Agencies for the past five years, has announced that he will retire from the Agencies on November 1, 2004.

"A year and a half ago, I decided that I would retire after the Foothill-South Draft Environmental Impact Statement was circulated for public review and a decision was made regarding the financial future of the San Joaquin Hills Agency," Kreutzen said today at the San Joaquin Hills Transportation Corridor Agency Operations and Finance Committee meeting. "Both milestones were reached, and although they took longer than planned, I am pleased that I will be leaving when the Agencies are moving forward toward their long-term goals."

During Kreutzen's tenure, 51 miles of Orange County's 67-mile public toll road system was planned, financed and constructed. More than 290,000 people use the 73, 241, 261 and 133 Toll Roads each day as an alternative to the freeway system. Accomplishments include:

--Implementing the largest, at the time, design/build public works projects in the nation;

--Securing start-up financing for public toll roads with tax-exempt, municipal bonds for the first time in California;

--Implementing FasTrak, one of the nation's on-road electronic toll collection systems;

--Securing several innovative pieces of federal legislation relating to environmental process, construction, and financing components of implementing The Toll Roads -- much of which has now become national transportation policy.

"TCA has been a great place to work," Kreutzen said. "I am very proud of and am very privileged to have had the opportunity to work with such a great staff. I will always be a supporter of the mission of these Agencies as they continue to provide a first-class mobility option to Orange County's commuters and businesses. In the next few weeks I will be coordinating with the Board Chairs on the development of a plan that assures a smooth transition for the Boards, our staff and patrons."

"Wally has been a class-act during his 15 years of service with the Agencies," said Linda Lindholm, Chairwoman of the San Joaquin Hills Board of Directors and Mayor of Laguna Niguel. "He has always shown integrity in everything he has done."

"I have appreciated working with Wally since I joined the Board in 1998 and I especially appreciate how he has directed staff," said Brett Franklin, a Santa Ana City Mayor Pro Tem and member of the San Joaquin Hills and Foothill/Eastern Boards of Directors. "I respect his decision and wish him the best of luck."

Kreutzen began his career working for a major United States oil company. He transitioned to the public sector working for the City of Costa Mesa and the City of Irvine. In 1987, he opened the western regional offices for a national financial advisory firm providing services to state and local governments in the planning and execution of capital financings. In 1989, he joined the Transportation Corridor Agencies as Executive Vice President of Finance and Administration and, in 1997, was appointed Chief Operating Officer. In January 1999 Kreutzen was appointed Chief Executive Officer.

At their July 8 meeting, the Boards of Directors will discuss the next steps in the recruitment process for a new CEO.

ABOUT TCA

More than 290,000 trips are taken on The Toll Roads every weekday, saving drivers an estimated 21 minutes per trip. The Toll Roads are operated by the Transportation Corridor Agencies, two joint powers authorities formed by the California state legislature in 1986 to plan, finance, construct, and operate Orange County's 67-mile public toll road system. Fifty-one miles of the system are complete, including the 15-mile San Joaquin Hills (SR-73) Toll Road from Newport Beach to San Juan Capistrano; and the 36-mile Foothill/Eastern Toll Road system (SR-241, SR-261, SR-133) from the 91 Freeway to south Orange County. More information including maps, toll rates, news, and FasTrak, the non-stop, electronic toll-payment system, can be found at www.thetollroads.com.