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ENRON CORP. ELECTS PAULO V. FERRAZ PEREIRA AND FRANK SAVAGE TO BOARD OF DIRECTORS
FOR IMMEDIATE RELEASE: Tuesday, October 12, 1999
HOUSTON – The Board of Directors of Enron Corp. announced today the election of Paulo V. Ferraz Pereira and Frank Savage to the Board, effective immediately. Ferraz is president and CEO of Meridional Financial Group. Savage is chairman of Alliance Capital Management International, a $321 billion investment management subsidiary of The Equitable Companies Incorporated.
“We are pleased to welcome two individuals with a wealth of experience in the financial and banking industries. Their expertise will prove very valuable as Enron continues to grow our business around the globe,” said Kenneth L. Lay, Enron chairman and CEO. “Paulo has tremendous experience in international investment banking, and his dynamic approach to business will lend a valuable perspective to our Board. Frank has a distinguished 33-year career in international banking, corporate finance and global investment management, and his expertise will also be an asset to our Board.”
Both Ferraz and Savage were elected to the Board’s Finance Committee. In addition, Ferraz was elected to the Audit and Compliance Committee, and Savage was elected to the Compensation and Management Development Committee.
As president and CEO of Meridional Financial Group, Ferraz oversees the group’s holdings, which include Banco Meridional do Brasil; Banco Bozano, Simonsen; Bozano, Simonsen Seguros; and Bozano, Simonsen Leasing. Ferraz also is executive director of Companhia Bozano, Somonsen (CBS), a large diversified Brazilian Holding Group, of which Meridional Financial Group is the core business. In addition, Ferraz is a board member of various companies in which Bozano, Somonsen Group has a current or previous shareholding. Previously, Ferraz was vice president in charge of Treasury, Corporate Finance, International Area and Products for Meridional Financial Group. Ferraz also served as president and CEO of State Bank of Rio de Janeiro.
A resident of Rio de Janeiro, Brazil, Ferraz holds a bachelor’s degree in metallurgical engineering from Pontificia Universidade Catolica do Rio de Janeiro and an MBA from Harvard Business School.
Prior to heading Alliance Capital Management International, Savage was senior vice president of The Equitable Life Assurance Society and chairman of Equitable Capital Management Corporation, a $35 billion Equitable Life investment management subsidiary, which was merged with Alliance Capital in July 1993. Savage spent the early part of his career with the International Division of Citicorp, serving in the Middle East and Africa. After a brief period as a principal in an international leasing company, TAW International Leasing, he spent several years as an investment officer with Equitable Life, lending directly to U.S. and foreign companies.
Savage serves on the boards of several corporations and not-for-profit organizations, including Lockheed Martin Corporation, QUALCOMM Incorporated, Council on Foreign Relations, and Johns Hopkins University. He is chairman of the Board of Trustees of Howard University.
A resident of Stamford, Conn., Savage holds a bachelor’s degree in political science from Howard University and a master’s degree in international relations from the Johns Hopkins Nitze School of Advanced International Studies. He has received an honorary doctorate in human letters from Hofstra University.
Enron is one of the world’s leading electricity, natural gas and communications companies. The company, which owns approximately $34 billion in energy and communications assets, produces electricity and natural gas, develops, constructs and operates energy facilities worldwide, delivers physical commodities and financial and risk management services to customers around the world, and is developing an intelligent network platform to facilitate online business. Enron’s Internet address is /corp, and the stock is traded under the ticker symbol, “ENE.”
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For additional information please contact:
Karen Denne
(713) 853-9757
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