Missouri Pacific Corporation

Product Details

Historical Context

The Mississippi River Corporation began buying stock in the Missouri Pacific Railroad stock in 1959 and gained voting control in 1962. MRC Board Chairman William G. Marbury's candidate to succeed Russell L. Dearmont as president of Mo-Pac was Downing B. Jenks. Mr. Jenks was elected president, and Mr. Dearmont was elected chairman of the board, in 1961. Mr. Jenks came to the Mo-Pac from the Rock Island Lines where his election as president in 1956 at age 40 made him the youngest president in modern railroad industry.

Beginning in 1961, Mr. Jenks initiated an intensified plant and equipment modernization program. He also immediately began building a new management team. An important factor in developing the new team was the lowering of Mo-Pac's retirement age from 70 to 65 which made it possible both to promote people already with the railroad and to make room for personnel brought in from outside.

One Mr. Jenks brought in 1961 was John H. Lloyd. Mr. Lloyd joined Mo-Pac as vice president-operation, the same post he had held with the Rock Island Lines. In 1971, Mr. Jenks was elected Mo-Pac chairman and the same year was elected president and chief executive officer of MRC following the death of Mr. Marbury. Mr. Jenks was elected chairman of the board of Mississippi in 1973. Mr. Lloyd succeeded Mr. Jenks as president of the Missouri Pacific in 1972 and was elected chief executive officer of Mo-Pac in 1974.

During Mr. Jenks' presidency. Mo-Pac made major strides in improving the efficiency of its operations through mergers and acquisitions. In 1964, Mo-Pac's Texas and Pacific Railway subsidiary assumed control through stock purchase of three railroads making up the 767-mile Muskogee Company system which operated in Oklahoma, Kansas, Arkansas and Texas.

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