NiSource Inc. Vice Chairman Stephen P. Adik announced Monday morning that he will retire Dec. 31, 2003. ending his direct involvement with the company and its predecessor after 16 years of service. “Although we respect Steve’s decision to retire,” said Gary L. Neale, CEO of NiSource, “we will miss his integrity, dedication, leadership, strategic insight and knowledge of the business. In the past 16 years, as a senior member of the management team at NiSource, Steve has played a key role in the growth and diversification of NiSource into a major regional gas and electric company. Adik has agreed to remain a member of the company’s board of directors. Adik, 60, joined NiSource predecessor Northern Indiana Public Service Co. in 1987 as vice president and general manager of the corporate support group. Prior to becoming vice chairman, he was senior executive vice president and CFO.
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Enron to Keep Gas Pipe Assets, Form New Company
Embattled Enron Corp. has decided to keep its interstate natural gas pipelines and intends to form a new company to oversee the assets, the company’s interim CEO Stephen Cooper said last Wednesday.
Enron to Keep Gas Pipe Assets, Form New Company
Embattled Enron Corp. has decided to keep its interstate natural gas pipelines and intends to form a new company to oversee the assets, the company’s interim CEO Stephen Cooper said Wednesday.
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ConocoPhillips said it has named Stephen F. Gates as general counsel and senior vice president, legal, effective May 1. Gates, currently a partner at Mayer, Brown, Rowe & Maw, previously served at Amoco for 23 years, where he was executive vice president and group chief of staff of BP after serving as vice president and general counsel of Amoco. Gates succeeds Rick A. Harrington, currently senior vice president, legal and general counsel, who has elected to retire after 24 years of service. ConocoPhillips is an integrated petroleum company with interests around the world.
OpCo Could Spin Off Core Enron Assets by Year’s End if Creditors Approve
Enron Corp.’s interim CEO Stephen Cooper presented a formal draft to move the company’s core energy assets out from under the Chapter 11 reorganization and instead spin-off a business unit with three segments: transportation services, power distribution, and generation and production in North, Central and South America. The proposal, which would separate the core asset portfolio from the bankruptcy estate, could be completed this year, Cooper said, if the unsecured creditors’ committee and the judge overseeing the case approve.
Enron’s Debt Billions Higher; Lawsuit Against Dynegy Moved
In a company meeting in Houston last Thursday, Enron CEO Stephen Cooper revealed that the company owes creditors at least $11 billion more than it estimated in its original bankruptcy filing, but the figure could go as high as $50 billion more. Enron listed $31.2 billion in debts when it filed for bankruptcy in December.
Judge OKs Cooper as Enron’s New CEO
A federal bankruptcy judge in New York last week endorsed Enron Corp.’s selection of bankruptcy specialist Stephen F. Cooper as acting CEO of the embattled company, after the Securities and Exchange Commission (SEC) abandoned its opposition to his appointment.
KMPG CEO Calls for Unity in Financial Reporting Reforms
In a call to action for the energy industry Wednesday, KMPG LLP CEO Stephen G. Butler said the “systemic flaws” revealed by Enron Corp.’s bankruptcy have to be fixed, but warned it will take more than just rewriting accounting rules. Speaking at Cambridge Energy Research Associates’ 21st Annual CERAWeek Executive Conference in Houston, Butler suggested several reforms, including replacing required quarterly reports with information in “real time” to offer a more transparent picture of a company’s health.
KMPG CEO Calls for Unity in Financial Reporting Reforms
In a call to action for the energy industry Wednesday, KMPG LLP CEO Stephen G. Butler said the “systemic flaws” revealed by Enron Corp.’s bankruptcy have to be fixed, but warned it will take more than just rewriting accounting rules. Speaking at Cambridge Energy Research Associates’ 21st Annual CERAWeek Executive Conference in Houston, Butler suggested several reforms, including replacing required quarterly reports with information in “real time” to offer a more transparent picture of a company’s health.
Enron Names Restructuring Specialist Interim CEO
Enron Corp. on Tuesday named Stephen F. Cooper, managing partner with New York-based Zolfo Cooper LLC, a corporate recovery and crisis management firm, as interim CEO and chief restructuring officer. Cooper has more than 30 years of experience leading companies through operational and financial reorganizations. Cooper will be joined by a team of Zolfo Cooper professionals and current Enron executives to assist with Enron’s restructuring effort.
