Enron Corp. promoted two of the Houston company’s wholesale services veterans to join CEO Kenneth L. Lay in the Office of the Chairman, which sets company strategy. Greg Whalley, 39, and Mark Frevert, 46, moved to the top floor on Tuesday. Whalley, who assumes the president and COO spot, had been president and COO of Enron Wholesale Services, while Frevert, now vice chairman, had been chairman and CEO of that division. Enron Wholesale accounted for the bulk of the company’s second quarter revenue this year. All three, said Lay, will help guide the company.
Whalley and Frevert were named to replace former CEO Jeffrey Skilling, who resigned two weeks ago (see Daily GPI, Aug. 17). Whalley joined Enron in 1992 as an associate in the finance department and later held positions in risk management and natural gas marketing. In 1996, he headed Enron’s European commodity merchant business and then returned to Houston in 1998. He has served as CEO of Enron’s global risk management and COO of Enron North America. He also was chairman and CEO of Enron Net Works.
Frevert joined Houston Natural Gas — Enron’s predecessor company — in 1984 in the corporate planning department. Subsequently, he joined Enron Interstate Pipeline Group. In 1988, Frevert was named vice president and general manager of the Citrus Marketing Co., an Enron pipeline company affiliate, then joined Enron Capital & Trade Resources in 1991 and became a managing director in 1994, with responsibility for North American natural gas marketing activities. In late 1991, Frevert assumed responsibility for international energy services activities, including Enron’s London-based operations. Frevert relocated to London in 1996 when he became president and CEO of Enron Europe. He returned to Houston in 2000 when he assumed responsibility for Enron Wholesale Services.
Lay assumed the CEO spot when Skilling resigned, and has extended his contract as CEO through 2005. The promotions did little to propel the company’s stock performance, which closed Tuesday up 24 cents to close at $38.
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