Enron Names Restructuring Expert As CEO

Enron Names Restructuring Expert As CEO
09:15 EST Tuesday, January 29, 2002
HOUSTON (Reuters) - Energy trader Enron Corp. on Tuesday named restructuring specialist Stephen Cooper as interim chief executive to lead it out of its record Chapter 11 bankruptcy.
Enron also said Lawrence Whalley resigned as president and chief operating officer and will be replaced by Jeff McMahon, currently chief financial officer.
Cooper, managing principal of New York- and Los Angeles-based restructuring firm Zolfo Cooper, was picked to replace embattled former Enron Chairman and Chief Executive Kenneth Lay, who resigned on Wednesday. The bankruptcy creditors' committee had pressured Lay to step down.
Cooper has helped restructure several troubled companies, including appliance maker Sunbeam Corp. , retailer Federated Department Stores Inc. and construction conglomerate Morrison Knudsen.