New CFO at Enron in executive reshuffle
As part of its Chapter 11 restructuring, collapsed energy giant Enron has appointed Ray Bowen, its former treasurer, as chief financial officer and executive vice president.
He replaces current CFO Jeff McMahon who has been promoted to president and chief operation officer after incumbent finance chief Lawrence Whalley stepped down.
The appointment of Bowen comes as the Energy group named restructuring specialist Stephen Cooper, from the US restructuring firm Zolfo Cooper, as interim chief executive to try and lead it out of the US’s largest ever bankruptcy.
The appointment of Cooper is ironic for embattled auditors Andersen. Cooper was part of the team that restructured embattled appliance maker Sunbeam which received a £76m payout from the firm in May of last year in settling a fraud lawsuit.
In a statement, Enron said Cooper and his team would ‘begin working immediately with Enron’s current management and its creditors committee on the company’s continuing efforts to reorganise and emerge from bankruptcy’.