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Release: Immediate

UI College of Business Administration honors MidAmerican Energy CEO

IOWA CITY, Iowa -- The University of Iowa College of Business Administration has named Stanley J. Bright, president, chairman and chief executive officer of MidAmerican Energy Company in Des Moines, as the recipient of the 1998 Oscar C. Schmidt Iowa Business Leadership Award.

The College of Business Administration will honor Bright at a dinner and program beginning at 6:30 p.m. Thursday, Feb. 11 at the Main Lounge of the Iowa Memorial Union.

The Iowa Business Leadership Award was established by the late C. Oscar Schmidt, president of the Cincinnati Butchers' Supply Company, who wanted to honor his father by recognizing an outstanding Iowa business executive. The award recognizes outstanding performance in the world of commerce in the belief that business leadership is essential to the economic progress of Iowa and the nation.

"Although Stan Bright's professional life has been spent in an industry that has historically been highly regulated, he has developed an entrepreneurial spirit. He is accessible and innovative and has made many valuable contributions to his industry, his community and state," said Gary Fethke, dean of the UI College of Business Administration.

Bright came to Iowa in 1986 as vice president of finance and chief financial officer of the Iowa-Illinois Gas and Electric, a predecessor of MidAmerican. He became a director of Iowa-Illinois in 1987, president and chief operating officer in 1990, chairman and chief executive officer in 1991. In July 1995 Iowa-Illinois merged with Midwest Resources, Inc. to form MidAmerican.

MidAmerican is currently in the process of being acquired by the Omaha-based CalEnergy Co. to form what will become Iowa's largest publicly traded company. Following the merger Bright will become vice chairman of the board of the new company.

Previously Bright was a financial officer of Potomac Electric Power Company (PEPCO) Washington, D.C. He also was president and a director of Potomac Capital Investment Corporation, a wholly owned subsidiary of PEPCO. Prior to joining PEPCO, Bright was associated with Price Waterhouse. He is a graduate of George Washington University and is a certified public accountant. He is a member of the UI College of Business Administration's Board of Visitors, and serves on many corporate boards and councils. In November 1998 he was named chairman of an economic development group, the "Choose Des Moines Communities" initiative.

2/9/99