Bill Allen (businessman)
William James Allen | |
|---|---|
| Born | 6 April 1937 |
| Died | 29 June 2022 (aged 85) |
| Occupation | Business executive |
| Known for | CEO of VECO Corporation; involvement in Alaska political investigation |
William James Allen (April 6, 1937 – June 29, 2022) was a prominent American executive who served as CEO of VECO Corporation, an oilfield services firm based in Alaska and originally established by Wayne Veltri. What began as a small welding business with a single truck evolved under VECO into a major international oilfield support enterprise, operating divisions across strategic regions such as Sudan, Russia, Mexico, Venezuela, and Syria. The company played a vital role in Alaska's economic landscape and employed more than 5,000 individuals globally. Additionally, Allen was involved in creating a privately operated prison facility in Barbados. Later in his career, Allen faced legal charges related to the sexual assault of minors—allegations that had been previously concealed during the corruption case against Ted Stevens, a factor that influenced the Senator’s defeat in the 2008 election.
Exxon Valdez oil spill
On March 24, 1989, the oil tanker Exxon Valdez released approximately eleven million gallons of crude oil into Prince William Sound, constituting the second-largest oil spill in U.S. history after the BP Gulf of Mexico Deepwater Horizon incident.
During this environmental crisis, VECO and its union-affiliated subsidiary NORCON, under Allen’s direction, played a major role in cleanup operations by mobilizing around 2,500 workers to mitigate the ecological impact.
Following the spill and subsequent cleanup activities, Allen purchased the Anchorage Times from Robert Atwood. He managed the publication until 1992 when he ceased its operations and sold its assets to competitor Anchorage Daily News. Afterward, Allen negotiated an exclusive arrangement allowing him to publish a half-page editorial column titled The Voice of the Times within the ADN for several years.
Alaska political investigation
On May 7, 2007, Allen along with Rick Smith, VECO’s Vice President for Community & Government Affairs, entered guilty pleas in U.S. District Court in Anchorage on charges including extortion, bribery, and conspiracy to obstruct the Internal Revenue Service. These offenses centered on bribing Alaska legislators to pass an oil tax law favored by VECO during the 2006 legislative session. Allen’s cooperation as a witness was instrumental in securing the conviction of Alaska Senator Ted Stevens on corruption charges.
Although facing a possible prison term of nine to ten years after his guilty plea, Allen received a sentence of three years incarceration and was fined $750,000. He was released from a halfway house located in New Mexico on November 22, 2011.
Subsequent revelations suggested that Allen may have provided false testimony due to federal prosecutors offering leniency concerning separate allegations involving underage girls. During an internal Department of Justice review prompted by claims of prosecutorial misconduct, investigators uncovered an undisclosed interview where Allen appraised Stevens’ home repairs at $80,000—significantly lower than the $250,000 figure he stated at trial—and contradicted his testimony about interactions with Stevens’ associate Bob Persons. This evidence had not been disclosed to the defense as legally required. As a result, U.S. Attorney General Eric Holder dismissed Stevens’ indictment prior to sentencing and vacated his conviction on grounds that pursuing a new trial was not justified "in the interest of justice."
Allen's resignation from VECO
On May 11, 2007, VECO Corporation announced that CEO Bill Allen and Vice President for Community & Government Affairs Rick Smith had stepped down from their positions. Tammy Kerrigan, Allen’s daughter, succeeded him as chairman of the board. At that time, no successor had been named for CEO, and it remained uncertain whether the Vice President role would be refilled.
Sale of VECO Corporation
In September 2007, the Colorado-based firm CH2M HILL acquired VECO Corporation. Given the backdrop of active political investigations, the sale price was likely well below the company's true market worth. Allen secured an agreement to allocate 5% of the transaction's proceeds to employees as recognition for their years of service. Meanwhile, the Allen family retained ownership of certain assets, including the Norcon division’s facility in Anchorage along with other properties both in Alaska and internationally.
Personal
Bill Allen was a father to three children—Tammy Kerrigan, Mark Allen, and Shannon West—each reportedly receiving $30 million from the VECO transaction. He was involved in horse racing, holding a stake in the stud-horse partnership So Long Birdie. Mark Allen co-owned Mine That Bird, which famously won the 2009 Kentucky Derby at odds of 50-1, marking the longest odds ever for a winning horse. In an effort to secure a preferred jockey for the Preakness Stakes, Mark initially entered multiple horses but withdrew one entry after the strategy became public, citing counsel to avoid "arrogance and greed." The 2009 Preakness Stakes was won by Rachel Alexandra with jockey Calvin Borel, who finished ahead of Mine That Bird.
Allen passed away on June 29, 2022, at age 85, residing in Grand Junction, Colorado at that time.