LAY RESIGNS AS CHAIRMAN AND CEO OF ENRON, REMAINS ON BOARD OF
DIRECTORS FOR IMMEDIATE
RELEASE: Wednesday, January 23, 2002
HOUSTON – Enron (ENRNQ) announced today that Kenneth L.
Lay has resigned as Chairman of the Board and Chief Executive
Officer of Enron Corp. Mr. Lay, who will also retire as an Enron
employee, will remain on the company’s Board of Directors. The
Board, in cooperation with the Creditors’ Committee in Enron’s
bankruptcy, is in the process of selecting a restructuring
specialist to join the company who will assist in Enron’s efforts to
emerge from bankruptcy and, on an interim basis, serve as acting
chief executive officer.
“This was a decision the Board and I reached in cooperation with
our Creditors’ Committee,” said Mr. Lay. “I want to see Enron
survive, and for that to happen we need someone at the helm who can
focus 100 percent of his efforts on reorganizing the company and
preserving value for our creditors and hard-working employees.
Unfortunately, with the multiple inquiries and investigations that
currently require much of my time, it is becoming increasingly
difficult to concentrate fully on what is most important to Enron’s
The Board intends to promptly focus on the selection of a new
Enron markets electricity and natural gas, delivers energy and
other physical commodities, and provides financial and risk
management services to customers around the world. Enron’s Internet
address is http://www.enron.com/.
This press release contains statements that are forward-looking
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and that actual results could
differ materially as a result of known and unknown risks and
uncertainties, including: various regulatory issues, the outcome of
the company’s Chapter 11 process, the outcome of the litigation
discussed above, general economic conditions, future trends, and
other risks, uncertainties and factors disclosed in the Company’s
most recent reports on Forms 10-K, 10-Q and 8-K filed with the
Securities and Exchange Commission.
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For additional information please contact:
Mark A. Palmer