BusinessBusiness RecoveryNew CFO at Enron in executive reshuffle

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’.

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor