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Columbia Seeking New Marketing Exec

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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