Fallon

Fortis Energy Marketing and Trading (FEMT), a division of the European financial firm Fortis Merchant and Private Banking, said Jim Fallon, who had been head of Cinergy Marketing and Trading (CMT) when it was bought by Fortis a year ago, will step down at the end of this year from his leadership post at FEMT. The Fortis organization’s management structure is being changed, the company said, and a new position of U.S. head of energy and commodities is being created. Didier Giblet, current global head of energy and commodities at Fortis, will take over at FEMT in Houston until the new position is filled. Waldo Abbot, CEO of Fortis North America said, “Jim was instrumental to the integration of the Cinergy Marketing & Trading business over the past year, and we are all grateful to him for his vision and contributions.” Fortis bought the Cinergy marketing organization from Duke Energy, which had purchased Cinergy and kept the utilities, with a plan to marry its financial trading operations and credit with CMT’s physical trading.