George P. Shultz, president of Bechtel Corporation between 1975 and 1982, and a senior cabinet officer in the Nixon and Reagan administrations, has passed away at the age of 100.
Bechtel said he died at his home in Stanford, California on 7 February. The company mourned the loss of a "distinguished statesman, public servant, and renowned economist" who had "led the company to global expansion and signature projects".Â
Shultz taught economics and business at MIT and the University of Chicago, and served as senior economist to President Eisenhower and then as Secretary of Labor and Secretary of the Treasury under President Nixon before joining Bechtel as executive vice president in 1974 at the age of 53.
He was elected president of Bechtel in 1975 after which the company embarked on projects such as the Palo Verde nuclear power plant in Arizona, Jubail Industrial City in Saudi Arabia, and the cleanup of Three Mile Island in Pennsylvania.
In 1980, Shultz presided over the reorganisation of the company into three main divisions – Bechtel Power, Bechtel Petroleum, and Bechtel Civil & Minerals – the precursors of the company’s current four global business units.
In 1982, he returned to government as Secretary of State under President Reagan.
When the Reagan presidency ended, Shultz he rejoined Bechtel in 1989 as a director and served until April 26, 2006.
"We lost a great friend and trusted advisor with George’s passing," said Brendan Bechtel, the company’s chairman and CEO. "George was a distinguished statesman, dedicated public servant, and renowned economist. He was also an accomplished businessman who helped guide Bechtel’s global expansion and its development as a trusted engineering, construction and project management partner to industry and governments."
Image: George Shultz, seated on Richard Nixon’s right, at the signing of Executive Order 11491 in 1969, with labour leaders. The order established a federal framework to govern labour-management relations (US National Archives and Records Administration/Public domain)