SAN ANTONIO BUSINESSMAN GLENN BIGGS NAMED CHIEF EXECUTIVE OFFICER OF HIGH-SPEED RAIL VENTURE
SAN ANTONIO BUSINESSMAN GLENN BIGGS NAMED CHIEF EXECUTIVE OFFICER
OF HIGH-SPEED RAIL VENTURE
BOISE, Idaho, Dec. 11 /PRNewswire/ -- The development of the state of Texas' new high-speed rail system will become a Texas-managed project headed by a former competitor.
William J. Agee, chairman and chief executive officer of Morrison Knudsen Corp. (NYSE: MRN), managing partner of the Texas TGV group which won a franchise earlier this year to bring high-speed rail to Texas, announced that prominent San Antonio banker and community leader Glenn Biggs is its new chairman and chief executive officer. Biggs formerly headed the Texas FasTrac entry in the competition for the franchise.
"This project is one of the most important in the history of Texas and the United States," Agee said. "We are dedicated to bringing together the best ideas and the best people available to make it a reality. Today's action culminates a three-month effort to strengthen our team and, in our judgment, will move the project ahead significantly."
Agee, who will remain as chairman of the executive committee of the newly shaped organization, stated that he is turning day-to-day management over to Biggs. "Biggs will have a free hand to explore options in the planning and financing of the project consistent with provisions of enabling legislation which created the Texas High Speed Rail Authority," Agee added.
Biggs explained that he agreed to take the position because he believes high-speed rail is an important element in the revitalization of the economy of the state.
"We're talking about shaping a new transportation system for Texas for the 21st century," he said. "We have to think in terms not just of today, but of 10 to 25 years from today. Our children and grandchildren will grow up in an environmentally sensitive world where air service may price itself out of existence and highway congestion will have reached a point of saturation. We simply must plan for tomorrow. Our great state has the opportunity to develop a comprehensive, integrated transportation system that will be the envy of the country.
"Bill Agee and Morrison Knudsen are to be commended for their vision in being willing to put their money and their talents on the line in this important undertaking," he said. "I am very pleased to be joining their strong team."
Agee said that former Lieutenant Governor Ben Barnes, a major figure in the effort to bring high-speed rail to Texas, will continue to be an active participant in the project.
Biggs said he expects to involve a number of prominent Texans in the organization and will solicit support from all elements of the state.
A native of Abilene and a graduate of Baylor University, Biggs has been a prominent San Antonio business and community leader since the early 1970s. He served for more than a decade as chairman of the board of trustees of the City Public Service Board, the municipally owned gas and electric utility. He also served as chairman of the board and was a major shareholder of First National Bank of San Antonio and later as chairman of InterFirst of San Antonio. He recently was elected chairman of the board of regents of Baylor University.
/CONTACT: Jess Hawley of Morrison Knudsen Corp., 208-386-5000/
(MRN) CO: Morrison Knudsen Corp. ST: Idaho, Texas IN: TRN SU: PER
SC -- SE006 -- 1659 12/11/91 17:18 EST