Bruce T. Reese, executive vice president and chief operating officer of Bonneville International Corp. since 1993, Friday was named by the board of directors as president and chief executive officer.
He succeeds Rodney H. Brady, who was named chief executive officer of Deseret Management Corp., Bonneville's parent company, in March. DMC is the holding company that oversees the commercial businesses owned by The Church of Jesus Christ of Latter-day Saints.During a meeting of Bonneville's board of directors, LDS Church President Gordon B. Hinckley was succeeded as chairman of Bonneville's board by James B. Jacobson, a retired insurance executive who lives in Los Angeles.
Earlier this year, the LDS Church First Presidency issued a statement saying that because of increasing responsibilities of church leaders worldwide, it was suggesting that general authorities step down from membership on corporate boards, public, and private, including those of church-owned companies.
To avoid disruption, it was suggested that the board resignations not be made until annual meetings or other appropriate times. Brady continued to lead Bonneville International until Friday.
"Bruce is a proven leader and has for many years served this company with dedication and enthusiasm-qualities that make him the most obvious choice to succeed Rod Brady," said Jacobson.
Brady said, "Having worked very closely with Bruce Reese during the past 11 years, I have found him to be a person of great skill, integrity and foresight. I am confident that under Bruce, Bonneville will continue to emphasize the mission and values that have served so well the company, its communities and its ownership."
It also was announced during the meeting that Bonneville's new board members are Scott Parker, Intermountain Health Care president; Kem Gardner, president of The Boyer Co.; Bruce L. Christensen, dean of the College of Fine Arts at Brigham Young University; Robert Madsen, president of Madsen Furniture Co.; and Kathleen H. Barnes, chairwoman of the Salt Lake Convention and Visitors Bureau Board of Trustees.
Holdover directors are Jacobson; B.Z. Kastler; Ruth H. Funk; Arch L. Madsen; and Reese.
Reese joined Bonneville in 1984 as associate general counsel and became general counsel in 1985. In 1991, he was appointed executive vice president and supervised the company's Salt Lake operation, which includes KSL Radio, KSL-TV; Video West Productions and Bonneville Communications.
In 1993, he was promoted to chief operating officer with responsibility for all of the firm's divisions.
Prior to joining Bonneville, Reese practiced law with firms in Washington, D.C., and Denver, Colo. He began his legal career with the Antitrust Division of the U.S. Department of Justice. He has a bachelor's degree from BYU and obtained his law degree in 1976 from the same school.
Reese, who said the television and radio industries face many challenges in the future, said he was flattered, honored and grateful for the board's confidence in selecting him to lead BI. He also expressed gratitude for Brady's tutoring over the years.
Jacobson said it was a great honor for him to succeed President Hinckley as chairman of the board of one of the great companies in America and it will be a good opportunity to work with Reese.
Jacobson is a a veteran of World War II and graduated from UCLA with a bachelor's degree in industrial management. After receiving a master of business administration degree from the University of Southern California he started with Prudential Insurance Company of America and held various marketing, administrative and executive positions.
In 1973, Jacobson was appointed president of Prudential's Western operations and retired in 1983. He also served one year as chief executive officer of Beneficial Standard Life Insurance Co. and chairman of the board of that company for four years until it was sold in 1989.
BI operates 18 radio and television stations including KBIG-FM., Los Angeles; KIRO-AM, KIRO-FM and KNWX-AM, Seattle; KMBX-AM, KLTH-FM, KCMO-AM and KCMO-FM, Kansas City; KOIT-FM and KOIT-AM, San Francisco; KHTC-FM and KIDR-AM, Phoenix; KSL-AM and KSL-TV, Salt Lake City; KZPS-FM and KDGE-FM, Dallas; WMXV-FM; New York City; and WTMX-FM, Chicago.
It also owns Bonneville Communications, Bonneville Entertainment Co., Bonneville LDS Radio Network, Bonneville Satellite Co., Video West Productions, Bonneville Worldwide Entertainment, all of Salt Lake City, and Bonneville Washington News Bureau, Washington, D.C.
The company has entered into a contract to acquire three radio stations in the Washington, D.C., area-WXTR-FM, WXVR-FM and WQSI-AM.