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Enron Mail |
Jeff - Congratulations!
Will you be attending BillG's CEO Summit 2001 instead of Ken? Best regards/Alan Alan Mitchell General Manager, Communication Network Solutions Network Solutions Group Microsoft 425-703-5485 425-936-7329 (fax) alanmit@microsoft.com ---------------------------------------------------------------------------- ------------------------------------------------------------- < WSJ.COM WRAP: Skilling To Become Enron's Next CEO < < 12/13/2000 < Dow Jones News Service < (Copyright © 2000, Dow Jones & Company, Inc.) < A WSJ.com News Roundup < < HOUSTON -(Dow Jones)- Enron Corp. (ENE) on Wednesday named Jeffrey K. < Skilling chief executive to replace Kenneth L. Lay, who said he will step < down but continue to serve as chairman of the utility and < telecommunications company. < Skilling, 47 years old, will take on the new role on Feb. 12, the < company's next scheduled board meeting, while remaining president and < chief operating officer. < "Jeff is a big part of Enron's success and is clearly ready to lead the < company," Lay, 58, said in a written statement. Lay became chairman and < chief executive in 1986. < Lay also denied rumors that he was interested in becoming U.S. secretary < of energy or Treasury secretary in George W. Bush's administration, should < the Texas governor become the next president. Enron and Lay were big < contributors to the Bush campaign. < "I have no plans to go to Washington and no plans to leave Houston or < Enron," he said. "I can say categorically that I won't be taking a job in < a Bush cabinet." < "I am particularly happy that Ken and I will continue running the company < together and that he has put the rumors of his possible departure to < Washington, D.C., to rest," Skilling said. "Ken and I have worked together < since 1990, and we don't want to break up a team that has delivered < superior returns to Enron's shareholders." < Skilling is credited as generating substantial profits for Enron and being < the brains behind the company's burgeoning commodities-trading business. < That business was seeking to place the company at the top of markets < ranging from electricity to wood pulp to natural gas. < Enron, which began as a traditional gas-pipeline company 15 years ago, has < transformed itself into the largest trader of gas and electricity in North < America. < Skilling joined Enron in 1990 after leading McKinsey & Co.'s energy and < chemical consulting operations. He became Enron's president and operating < chief in December 1996. He emerged as the heir apparent to Lay after < Rebecca Mark resigned in August as chief executive of Azurix Corp. (AZX), < Enron's troubled global water company. Deregulation of the water business < and government privatizations of water systems, on which Azurix was < counting, were slow to come, crimping growth opportunities and profit. < <
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