Lynn Lednicky has been named senior vice president of Strategic Planning & Business Development for Dynegy Inc.’s Corporate segment. Lednicky, who has been with Dynegy and its predecessor companies for 12 years, previously served as senior vice president of Origination in Dynegy’s Power Generation segment. Rich Eimer, who has been with Dynegy for more than 30 years, was named senior vice president of Operations for Power Generation. Also promoted were Marc Breitling, a 24-year employee, to vice president with responsibility for the Louisiana Gulf Coast region in Dynegy’s Natural Gas Liquids segment and Gary Hickey, a 27-year employee, to vice president of Environmental, Health and Safety in Power Generation. Also, Lisa Krueger was named vice president of Origination in Power Generation and Keith McFarland was promoted to vice president of Dynegy Midwest Generation.
Corporate
Articles from Corporate
Marathon to Terminate 265 Employees During Restructuring
Marathon Oil Corp. said last week that it is planning a corporate restructuring that will claim 265 jobs but will lead to cost savings of about $65 million/year. However, it will have to take a $40 million pre-tax charge, 40% of which will come in the third quarter. Most of the job reductions are expected to be at its Houston headquarters and in its U.S. production unit and will take place before the end of the year.
Marathon to Terminate 265 Employees During Restructuring
Marathon Oil Corp. said Thursday it is planning a corporate restructuring that will claim 265 jobs but will lead to cost savings of about $65 million/year. However, it will have to take a $40 million pre-tax charge, 40% of which will come in the third quarter. Most of the job reductions are expected to be at its Houston headquarters and in its U.S. production unit and will take place before the end of the year.
S&P Revises NiSource Outlook to ‘Stable’
Standard & Poor’s Ratings Services (S&P) said Tuesday that it affirmed its ‘BBB’ corporate credit ratings on holding company NiSource Inc. and its subsidiaries and upgraded its outlook from ‘Negative’ to ‘Stable.’
S&P Removes Williams from CreditWatch
Standard & Poor’s Ratings Service (S&P) on Friday affirmed its “B+ long-term corporate credit rating on The Williams Cos. Inc., and removed the company and its subsidiaries from CreditWatch with negative implications, where they were placed July 23, 2002. S&P kept its negative outlook on the company.
TransCanada PipeLines Ltd. Creates Corporate Parent
TransCanada Corp. said that the plan of arrangement to establish it as the parent company of TransCanada PipeLines Ltd. has received all necessary regulatory approvals and certificates. As a result, the agreement went into effect Thursday.
Exxon Mobil Shareholder Groups Call for Separation of CEO, Chair Positions
Perhaps emboldened with shakeups in corporate board rooms across the country, some Exxon Mobil Corp. shareholders have called for the roles of chairman and chief executive officer to be separated. Lee Raymond has held the dual roles since Exxon and Mobil merged in November 1999; he had held both roles at Exxon before the merger.
Duke Energy Caps Off 2002 with Legal Victories
After enduring one of the worst years in its corporate history, Charlotte, NC-based Duke Energy reported it ended 2002 on a legal high note.
Questar Affiliate Sells Colorado E&P for $26 Million
As part of a corporate-wide effort to sell “under-performing” assets and reduce overall debt, subsidiaries of Salt Lake City-based Questar Corp. last Friday completed a deal to sell oil and natural gas producing properties in southwestern Colorado for $26.15 million and separately acquire the remaining 50% interest in a gas processing plant in southwest Wyoming. Daily production from the sold Colorado properties is about 9 MMcf/d.
Nearly 400 Get Layoff Notices at UBS Warburg’s Houston Office
The panache of a “AA+” rating of the corporate parent by Standard & Poor’s Ratings Service apparently has failed to win over doubters, after UBS Warburg Energy switched off its online energy trading system (formerly EnronOnline) and announced it will terminate nearly all of its 380 Houston-based employees. Those not fired will be offered jobs in a UBS office in Stamford, CT, the company said Wednesday.
