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Enron Mail |
-----Original Message----- From: =09Mann, Kay =20 Sent:=09Wednesday, July 18, 2001 9:48 AM To:=09Sager, Elizabeth Subject:=09trading bandwidth 'Seasoned Trader' Moving Up To Head Enron Broadband By Erwin Seba Of DOW = JONES NEWSWIRES Jul. 17, 2001 Dow Jones Energy Service (Copyright © 2= 001, Dow Jones & Company, Inc.) HOUSTON -(Dow Jones)- An executive descri= bed as "a seasoned trader" will lead Enron Corp.'s (ENE) telecommunications= unit after its current chief executive takes a different position within c= orporation in the next two weeks. James Fallon, president and chief operati= ng officer, will lead Enron Broadband Services after it becomes part of Enr= on's Wholesale Services Group. Broadband Services Senior Vice President K= elly Kimberly told Dow Jones Newswires Fallon will lead the organization af= ter Kenneth Rice, chairman and chief executive, moves to a corporate job at= Enron. Fallon was unavailable to talk to Dow Jones for this story. One= broker said Fallon's selection indicated Enron isn't backing away from dev= eloping the bandwidth market. "Jim Fallon is a seasoned trader," the brok= er said. "He made a killing in the power markets. He has a huge reputation = for making money." The broker speculated that Fallon may increase the num= ber of traders Enron has in the bandwidth market. Broadband Services has an= nounced plans to reassign and possibly layoff non-trader employees in the c= oming two weeks. An analyst said Fallon's appointment indicates future gr= owth for Enron's bandwidth business. "I think Fallon is someone who would= n't be there if it isn't a good opportunity," said Raymond Niles, director = of power and merchant energy research with Salomon Smith Barney. In his n= ew role, Fallon will report to Mark Frevert, chairman and chief executive o= f Enron Wholesale Services, and Greg Whalley, president and chief operating= officer of Wholesale Services. Rice previously reported to Kenneth Lay, = corporate chairman and chief executive. Before becoming president of Broa= dband Services, Fallon was managing director of global trading and risk man= agement for the unit. From 1993 to 1999, he worked in Enron North America= 's wholesale energy business rising from the position of associate to manag= ing director, leading the power trading business. Before coming to Enron,= Fallon was a nuclear operations engineer for General Electric, a systems e= ngineer at W.R. Grace and a certified public accountant for Price Waterhous= e. Fallon earned a bachelor's degree in marine engineering from the Massa= chusetts Maritime Academy, a master's degree in accounting from Northeaster= n University and a master's in business administration from Columbia Univer= sity. Fallon takes over a unit that lost $102 million in the second quart= er of this year and is going through a restructuring to reduce losses at th= e same time bandwidth prices continue to plummet. -By Erwin Seba, Dow Jon= es Newswires; 713-547-9214; erwin.seba@dowjones.com <mailto:erwin.seba@dowj= ones.com< NRG0119800084 =09
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