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ENRON NAMES JEFFREY K. SKILLING PRESIDENT & CHIEF OPERATING OFFICER
FOR IMMEDIATE RELEASE: Tuesday, December 10, 1996
HOUSTON -- Enron announced today that its board of directors has elected Jeffrey K. Skilling president and chief operating officer effective January 1, 1997. Skilling also will continue in his current position as chairman and CEO of Enron Capital & Trade Resources (ECT).
"As chairman and CEO of ECT, Jeff has been instrumental in helping put Enron at the forefront of the natural gas and electricity industry," said Kenneth L. Lay, chairman and CEO of Enron. "Through his leadership, ECT has developed extremely innovative strategies, products and services, allowing Enron to position itself to become the largest wholesale and retail marketer of natural gas and electricity in North America, a combined market of approximately $270 billion. Since he joined the company in 1990, ECT's earnings before interest and taxes have increased nearly ten fold.
"I am pleased that Jeff will assume a larger role in our very strong management team, which is committed to upholding the vision and values that have allowed Enron to achieve its financial success and the position it holds in the industry today," Lay added. "The growth potential of Enron is very exciting throughout all of our business units."
Skilling joined ECT in 1990 to further develop the company's nonregulated natural gas merchant business. Under his leadership, ECT pioneered the use of risk management products and long-term contracting structures. ECT is now applying similar concepts to the deregulating U.S. electricity industry as well as extending its services globally. By combining ECT's financial and physical delivery expertise, Skilling has been instrumental in making the company the largest marketer of natural gas and one of the largest marketers of electricity in North America.
Prior to joining Enron, Skilling was a senior partner of McKinsey & Company, where he oversaw the firm's worldwide energy and North American chemical consulting practices. He also served as a corporate planning officer with First City National Bank of Houston and as an associate with MJH Nightingale and Company, Ltd., an investment banking firm in London. Skilling received his bachelor's degree from Southern Methodist University in Dallas and an MBA from Harvard Business School, where he graduated a Baker Scholar.
Enron, one of the world’s largest integrated natural gas and electric companies with approximately $15 billion in assets, operates one of the largest natural gas transmission systems in the world; is the largest purchaser and marketer of natural gas and the largest non-regulated marketer of electricity in North America; markets natural gas liquids worldwide; manages the largest portfolio of fixed-price natural gas risk management contracts in the world; is among the leading entities arranging new capital to the energy industry; owns 58 percent of Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns 59 percent of Enron Global Power & Pipelines L.L.C., which is owner and manager of operating power plants and natural gas pipelines around the world; and is one of the largest independent developers and producers of electricity in the world. Enron is traded under the ticker symbol, "ENE."
For additional information please contact:
Diane Bazelides
(713) 853-6285
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