Albany, NY (March 3, 2003) - - - John C. Egan, Chief Executive Officer of the Albany International Airport, today announced he has accepted a new challenge the as full-time President of the Renaissance Corporation of Albany, a philanthropic organization headed by former Troy entrepreneur Morris Silverman. Mr. Egan has served as CEO of the Authority since February of 1995. He will assume his new position on or about April 1st.

"Being part of this Airport expansion has been a most rewarding experience," said Egan. "The time is now right for a new challenge. I will be leaving the Airport in the hands of a very capable and dedicated team."

In his position as President of the Renaissance Corporation, Mr. Egan will work closely with Mr. Silverman to manage the operations of the University Heights Association, a non-profit consortium of colleges created by Mr. Silverman. The University Heights Association has developed a 21-acre shared campus at the site of the former Christian Brothers Academy on New Scotland Avenue in Albany. The project brings together the resources of Albany Law School, The Sage Colleges, and the Albany College of Pharmacy and Albany Medical Center.

Through the Renaissance Corporation of Albany, Mr. Silverman has embarked on a program involving RPI, the University at Albany, the Wadsworth Center and Albany Medical Center and College. Among its goals, the Renaissance Corporation seeks to advance biotechnology research and Capital Region economic development through research partnerships and innovative programs in education.

"The Renaissance Corporation has some very exciting new projects in the developmental stage," said Egan. "I look forward to this new adventure and the opportunity to help create a series of new, world-class educational and medical facilities."

Egan praised the Airport Authority Board, Chairman Rev. Michael Farano and former Chairman Harry Robinson. "Their support and direction enabled the Authority to construct our new airport, attract Southwest Airlines and dramatically reduce the cost of flying for business and leisure travelers," said Mr. Egan.

John Egan began his career in his hometown of Dannemora, New York. At just 16-years-old he worked at Clinton State Prison, shoveling coal into the prison's boiler. Mr. Egan's commitment to "Getting it Done," put him on a 40-year governmental career track which saw him rise to become Commissioner of General Services, Executive Director of the New York State Dormitory Authority and Commissioner of the New York State Department of Transportation.

Under Mr. Egan's leadership and with significant financial assistance from Senate Majority Leader Joseph Bruno, the Authority initiated a $100 million Terminal Improvement Program (TIP) which saw the construction of a new terminal. Following the initial TIP, an additional $157 million in projects such as the parking garage, cargo facility, executive hangar, Airport Industrial Park, remote parking and numerous land acquisitions for noise protection and runway safety improvements were completed.

Shortly after the new terminal opened in June of 1998, Mr. Egan began his effort to stimulate airline competition and reduce Albany's high fares by attracting Southwest Airlines to Albany. During his period as CEO, Albany's fares have fallen to the 5th lowest in the nation according to the U.S. Department of Transportation. Mr. Egan, the Authority Board and staff have worked diligently to position the Airport for its next level of expansion including extension of the existing terminal to accommodate 2 million enplanements annually.

"On behalf of the Board, I acknowledge our profound and everlasting gratitude to John as an extraordinary and selfless leader who has guided us through the construction, expansion and operation of this magnificent Airport," said Rev. Michael A. Farano, Chairman of the Albany County Airport Authority. "John Egan has established Albany International Airport as a permanent symbol of vitality for the entire region."

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