William Agee was a well known youthful CEO in the automotive world in the 1970s and 1980s -- he even made the cover of Time magazine under the headline "Faces of the Future" -- but his success was dulled by the kind of workplace scandal that continues to make headlines today.
After joining former automotive parts company Bendix Corp. in 1972, it was only four years later when 38-year-old Agee became CEO at the company, plagued by controversy.
He died last month at age 79, The New York Times, Bloomberg and other news outlets reported.
Agee replaced W. Michael Blumenthal, who became treasury secretary under President Jimmy Carter after his 10-year stint with the company.
During his career, Agee held several top management posts, including CEO of Bendix and construction company Morrison Knudson, widely known for facilitating the construction of the Hoover Dam.
Additionally, Agee served on the boards of Equitable Life, Dow Jones and Morrison Knudsen.
After receiving his MBA from Harvard, he took a position at Boise Cascade Co., where he worked his way up to CFO. Agee had attended the University of Idaho.
Bendix, an auto supplier with roots dating back to 1924 and to General Motors, was known for brakes, but expanded into other automotive parts and then into other industries, such as aeronautics, military and home electronics.
While at Bendix, rumors swirled that Agee was having an affair with his executive assistant, Mary Cunningham, whom he later promoted to vice president of strategic planning. She later had to quit her job, and the two married after divorcing their previous spouses, the Times reported.
The office dalliance almost upstaged Agee's takeover attempt of Martin Marietta Corp., Crain's Detroit Business reported several years later in 1995. The takeover attempt floundered, and Allied Corp. acquired Bendix, which eventually led to Agee's exit in 1983.
Peter Cappelli, director of the Center for Human Resources at the Wharton School of the University of Pennsylvania, told the Times that the media frenzy that humiliated Agee and Cunningham at Bendix had "a big effect, especially on boards" at large public companies.
In 1988, Agee became CEO of Morrison Knudson. The MK board voted unanimously to name him chairman and CEO, despite his brushes with the press, The Wall Street Journal reported in 1989, though former CEO William J. Deasy was asked to stay as president and COO to alleviate concerns about Agee's lack of knowledge about MK's businesses.
''When I came to that meeting I was prepared to do whatever it took to help, but it wasn't in my mind to become the CEO,'' Agee told the Journal. ''I was drafted and I accepted.''
Aggressive accounting
