Lay's plans - so why announce today?

Enron's Lay: "Categorically" Not Taking Job In Cabinet=20

Updated: Wednesday, December 13, 2000 11:43 AM?ET=20

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NEW YORK (Dow Jones)--Enron Corp's (ENE, news, msgs) current chief executiv=
e=20
and chairman, Kenneth Lay, said Wednesday that he categorically won't be=20
taking a job in a new presidential administration.=20
Lay, a strong supporter of Texas Gov. George W. Bush, has been rumored to b=
e=20
a potential candidate for a cabinet position in the event of a Bush=20
administration. Those rumors were further fueled Wednesday when Enron=20
announced that Lay would be stepping down as chief executive of the company=
=20
effective Feb. 12, though the company said Lay would remain chairman of the=
=20
board.=20

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"I have no plans to go to Washington, and no plans to leave Houston or Enro=
n.=20
I can say categorically that I won't be taking a job in a Bush cabinet," La=
y=20
said in an interview.=20
Lay also put to rest rumors that the company has made enormous unexpected=
=20
profits this quarter trading natural gas in the western U.S.=20
"We've done well there, but it's been a good quarter for us in all our area=
s=20
across the country. We are happy with the 35-cents estimate for the quarter=
=20
that Wall Street has at the current time," Lay said.=20
Some gas traders have said that Enron has been the biggest beneficiary of t=
he=20
sharp rise in gas prices in the West the past three months. Spot prices for=
=20
natural gas in California peaked at $67 per million British Thermal Units=
=20
Monday, about 20 times the spot price a year ago.=20
Jeffrey K. Skilling, currently Enron's president and chief operating office=
r,=20
will replace Lay as chief executive and retain his current titles.=20
-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.co=
m=20