Dear Mr. Lay,
For what it is worth, I believe this move, although very unfortunate given Andy's long service to Enron, is the right thing to do. In the way that Enron has historically been the poster child for corporate innovation, I hope you will now lead us in the direction that makes us the poster child for handling a crisis of investor confidence. Enron is such an amazing company, I trust you will do everything necessary to work cooperatively with the investor community to restore the company to its former greatness.
Renewable Power Desk
West Power Trading
From: Enron Announcements/Corp/Enron@ENRON On Behalf Of Ken Lay- Chairman of the Board@ENRON
Sent: Wednesday, October 24, 2001 1:50 PM
To: All Enron Worldwide@ENRON
Subject: Jeff McMahon Named CFO
Today we announced the appointment of Jeff McMahon as Enron's chief financial officer. In my continued discussions with the financial community yesterday and today, it became clear that this move was required to restore investor confidence. Jeff has unparalleled qualifications and a deep and thorough understanding of Enron. He is already on the job and hard at work on the issues before us. Andy Fastow will be on a leave of absence from the company.
Jeff had been serving as chairman and CEO of Enron Industrial Markets. He joined Enron in 1994 and spent three years in the London office as chief financial officer for Enron's European operations. Upon returning to the U.S., Jeff was executive vice president of finance and treasurer for Enron Corp. In 2000, he was named president and chief operating officer of Enron Net Works.
I know all of you are concerned about the continuing decline in our share price. I am too, and we are working very hard to turn it around. Appointing Jeff as CFO is one important step in that process. But most of the solution involves just continuing to do our jobs with excellence. The fundamentals of our business are strong, and I think the market will begin to see that as we continue to perform.
Please join me in giving Jeff your full support, and thank you for all of your continued hard work.