Columbia Seeking New Marketing Exec
Columbia Energy Group is looking for a new executive to head its
Columbia Energy Services after the departure of CES President Paul
Feldman. An announcement Friday said Feldman would be leaving to
pursue other opportunities. "Our CES operation has grown
considerably over the last two years under Paul's leadership," said
Columbia Energy Group Chairman Oliver G. Richard III. "We thank him
for his contributions and wish him well."
The marketing segment had reported an operating loss of $59
million for 1998, versus an operating loss of $13.2 million in
1997. Columbia said the 1998 loss stemmed from costs of investment
in infrastructure, a significant investment for customer
acquisition and certain trading losses. At the time a spokesman
said CES experienced an incident where an individual trader
"misstated the prices in the forward book." The trader was fired
and "a more aggressive audit program has been [implemented]."
Columbia said the new head of CES also would be responsible for
Columbia Electric, Columbia LNG, Columbia Energy Resources and
Columbia Propane, which will remain as separate entities.
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