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ENRON ANNOUNCES WATER COMPANY'S MANAGEMENT TEAM; NEW COMPANY TO BE CALLED AZURIX
FOR IMMEDIATE RELEASE: Friday, September 25, 1998
HOUSTON - Enron Corp. announced today the executive management team that will lead Azurix, the company's new global water business.
"We have gathered top players from the water, gas and power industries who have proven track records in developing new businesses and growing existing businesses domestically and abroad," said Rebecca P. Mark, chairman and CEO of Azurix. "All of these executives have exhibited strong leadership skills and have an unparalleled commitment to develop our international water business."
In July, Enron announced the formation of its new global water business to own and operate strategic water and wastewater assets, develop related infrastructure, and extend critical risk management and finance skills into the international water market. As a key step in establishing this new business, Enron announced an offer for Wessex Water Plc, a water and wastewater company in the south west of England. That offer was declared unconditional earlier this week, and the transaction is expected to close in the fourth quarter of this year.
Led by Mark, the Azurix management team will include W. Nicholas Hood, vice chairman; Amanda K. Martin, executive director and president of the Americas; Alex Kulpecz, executive director and president of Europe, Middle East/Africa; Rodney L. Gray, executive director and chief financial officer responsible for finance, risk management and investments; John C. Ale, executive director and general counsel; and Colin F. Skellett, executive director of technical and operating services. Azurix will establish dual headquarters in Houston and London.
Mark, who also serves as vice chairman of Enron Corp. and chairman of Enron International, has been with the company since 1982. Mark has led the globalization of Enron's businesses, including development activities, constructing and operating assets, and providing gas and electricity merchant services. Mark, 44, holds a bachelor's degree in psychology and a master's degree in international management from Baylor University, as well as an MBA from Harvard University.
Hood has been chairman of Wessex Water Plc since 1987 and will continue to serve in that capacity. During his time at Wessex Water, Hood has successfully led the company through the 1989 privatization of the UK's water industry to become the most efficient water and wastewater company in England and Wales. Hood, 62, is also a director of Winterthur UK, a member of The Prince's Council, vice chairman of Business in the Community, chairman of @t Bristol and a director of the Commercial Union Environmental Trust.
Martin most recently was president of Energy and Finance Services of Enron Capital & Trade Resources, where she was responsible for all North American power, gas and energy finance origination activities. She joined ECT as senior counsel in 1991 and has held positions including managing director and vice president, business ventures and asset management of ECT, where she was responsible for managing and developing Enron's international and domestic power assets. Martin, 37, has a bachelor's degree in political science from the University of Natal, South Africa and a juris doctorate from Louisiana State University, where she was a member of the Law Review.
Kulpecz joins Azurix with two decades of commercial and technical experience in the oil and gas/power business with Shell. He most recently was director of development for Russia, Central/Eastern Europe, Latin America and Africa for Shell International Gas & Power. Previously, he led the reorganization teams for Shell International's exploration and production business in the Hague, acted as senior management liaison for the oil and gas production business in Europe and the UK and held management positions in the Middle East and UK. Kulpecz, 45, has a bachelor's and master's degree in geology from Rutgers College and an MBA from Henley Management College, Brunel University.
Gray, who has been with Enron for 10 years, was most recently executive vice president for finance of Enron International. Gray's prior positions include chairman and CEO of one of Enron's international subsidiaries, managing director of Enron Capital & Trade Resources, and senior vice president, finance and treasurer, Enron Corp. Gray, 46, has a bachelor's degree in accounting from the University of Wyoming and a bachelor's degree in mathematics and economics from Rocky Mountain College.
Ale has been managing partner of the London office of Vinson & Elkins L.L.P. since 1996 and co-chairs the firm's project finance and development practice. Ale also has been a member of the firm's Electric Power Practice Group and International Water Industry Practice Group. Ale, 44, received a bachelor's degree in economics and a juris doctorate from the University of Virginia.
Skellett is the group chief executive of Wessex Water Plc, a position he has held since 1988. He will continue to be responsible for the management of Wessex Water Services and Swiss Combi Technology. Wessex Water provides water and wastewater services to 2.5 million people in Southwest England. Swiss Combi Technology, based in Switzerland, designs, manufactures and installs municipal and industrial biosolids drying plants. Skellett, 53, has 37 years experience in the water industry and is a chartered chemist with a master's degree in water engineering from the City University.
The name of Enron's water company, Azurix (ah-ZOOR-ix), was derived from the words "azure," a clear color of blue, and "radix," meaning a root or point of origin.
Enron is one of the world's leading integrated natural gas and electricity companies. The company owns approximately $28 billion in assets, produces electricity and natural gas, develops, constructs and operates energy and water facilities worldwide and delivers physical commodities and risk management and financial services to customers around the world. Enron's Internet address is www.enron.com, and the stock is traded under the ticker symbol, "ENE."
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For additional information please contact:
Karen Denne
(+1) 713-853-9757
Michael Oke
(+44) 171-353-9203
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