|
Enron replaces president
|
 |
August 28, 2001: 8:38 a.m. ET
Greg Whalley to serve as president, COO, of Houston power provider
|
NEW YORK (CNNfn) - Enron Corp., the world's biggest power wholesaler, said Tuesday that Greg Whalley will succeed departed President and CEO Jeff Skilling as president while Kenneth Lay continues as CEO.
Whalley will serve as president and chief operating officer of the Houston-based energy provider, replacing Skilling, who resigned on Aug. 14 for personal reasons. At the time, Lay, chairman of the board and CEO of the company for 15 years in a prior term, succeeded Skilling as CEO.
Whalley, 39, joined Enron in 1992 and by 1998 was CEO of global risk management and president and chief operating officer of Enron North America.
Enron also announced the promotion of Mark Frevert, 46, to vice chairman.
Skilling was instrumental in forming Enron's natural gas marketing and trading business, helping create the industry's first forward markets when he joined Enron in 1990 after a stint as management consultant with McKinsey and Co.
But Skilling's tenure as CEO was marred by the underperformance of the company's much-ballyhooed broadband business, a massive and costly payment fight with the Indian government over Enron's $3 billion Dabhol power plant project, and the breakup of a marquee video-on-demand broadband Internet deal with Blockbuster Inc. (BBI: Research, Estimates) earlier this year.
Click here to check other energy stocks
Enron is also the world's leading wholesale supplier of power and has been a subject of harsh criticism from California elected officials, who charge it and other power generators with price gouging and creating the current energy crisis there.
All that has weighed heavily on Enron's stock price since mid-March, when it began an extended period of weakness. In the past year, Enron's stock has fallen from its all-time high of $90.56 reached Aug. 23, 2000, to less than half that.
Enron (ENE: Research, Estimates) shares closed Monday up $1.41 at $37.76. 
-- from staff and wire reports
|
|
|
|
|
|
Enron
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
