Enron Promotes Skilling to CEO

Enron Corp. named as chief executive its President Jeffrey Skilling, who helped make the natural-gas pipeline company into the largest competitor in the growing energy-trading business. Skilling, 47, succeeds Ken Lay as chief executive. Lay, 58, said he will remain as chairman of the company and denied rumors that he would join the presidential administration being assembled by Texas Gov. George W. Bush. Skilling joined Enron in 1990 and was named president and chief operating officer in 1996. He will retain those posts after becoming chief executive. Enron shares fell $2.69 to close at $74.50 on the New York Stock Exchange. The stock has almost doubled in the last 12 months as Enron’s energy trading strategies continued to pay off.